Investment Info:
Single-family residence buy & hold investment.
Purchase price: $38,000
Cash invested: $61,100
Contributors:
Angela Collins
single family split level home. updated 4 BD/2BA home with fresh paint, new stainless steel appliances, renovated bathrooms and kitchen, new carpet, and luxury vinyl tile floors.
What made you interested in investing in this type of deal?
It was simple, easy and we just need to jump in and get our feet wet.
How did you find this deal and how did you negotiate it?
We Found The Deal On Zillow. We Just got some information about the background of the home and made a offer, and the rest was history.
How did you finance this deal?
We paid all Cash for this deal, it was $38k, and most banks don't give loans under $50k.
How did you add value to the deal?
We Rehabbed the kitchen, both bathrooms, painted the whole inside, updated some electrical work, did some minor curb appeal.
We added a closet to one of the rooms to make it a official bedroom. which made it a true 4/2. we also added a shower in the lower bathroom, a move the sink to add a ton of space that wasn't there before.
What was the outcome?
The outcome came out great, the average rent in the area was $895, we were able to get $1095/month
Lessons learned? Challenges?
We learned to always have a masterbedroom, that is one mistake we made, all of the rooms are the exact size, and instead of making the bedroom on the lower level we should have turn the bigger space on lower level a master bed.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No, I honestly would not. We didnt use a agent, we just use the seller agent , we paid cash so we didn't get any help from any banks. The contractors we used for some of the different projects had to come back a fix a lot of mistakes that was made so...
