Investment Info:
Single-family residence wholesale investment.
Purchase price: $625,000
Sale price: $700,000
Enter any improvements you made. (optional)
Kitchen Remodel (2020): Updated countertops, cabinets, and installed new stainless steel appliances.
Bathroom Renovation (2019): Added new tiles, modern fixtures, and a glass shower enclosure in the master bathroom.
Finished Basement (2018): Added 600 sq. ft. of finished space, including a family room and home office.
New Roof (2021): Replaced the entire roof with new shingles and added improved insulation.
Landscaping (2022): Redesigned front and backyard with new plants, sod, and an outdoor seating area.
Energy-Efficient Windows (2020): Installed energy-saving windows throughout the home.
What made you interested in investing in this type of deal?
I was drawn to this type of deal because it offered the potential for significant appreciation in a desirable neighborhood. The property had good bones and a solid structure, making it a great candidate for renovations that could increase its value.
How did you find this deal and how did you negotiate it?
I discovered this deal through a real estate investment group I’m a part of. After a thorough market analysis, I reached out to the seller directly and negotiated a fair price based on comparable sales and the property's current condition, emphasizing my ability to close quickly.
How did you finance this deal?
I financed the deal through a combination of personal savings and a conventional mortgage. This allowed me to leverage my investment while keeping my monthly payments manageable.
How did you add value to the deal?
I added value by renovating the kitchen and bathrooms, updating the landscaping, and finishing the basement. These improvements not only enhanced the property's appeal but also attracted higher-quality tenants.
What was the outcome?
The outcome was very positive. After completing the renovations, I was able to rent the property for a significantly higher rate, which improved my cash flow and increased the overall property value.
Lessons learned? Challenges?
One of the key lessons I learned was the importance of thorough due diligence. I faced challenges with unexpected repairs during renovations, but having a contingency budget helped mitigate these issues.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, I worked with an excellent real estate agent who specializes in investment properties. Their expertise in the local market was invaluable, and I would highly recommend them to anyone looking to invest.
