Investment Info:
Single-family residence buy & hold investment in Westlake.
Purchase price: $72,000
Cash invested: $72,000
This 3 Bedroom / 2 Bathroom home is a total steal! Purchased from a local investor (and friend) as a wholesale deal. This house needed some reconfiguration, but it has SO much potential. We are getting rid of the horrible wardrobes (WooHoo!), and adding granite countertops to the kitchen. Both bathrooms are getting a full rehab, and the master is getting a walk-in closet (stay tuned for that transformation!). Add interior / exterior paint, a new roof, and new flooring and this house will be ready to cash flow for years to come!
What made you interested in investing in this type of deal?
This type of home is the ideal rental in my hometown. A 3 bedroom / 2 bathroom home, 1,700 square feet, with a big back yard. Every family in our area looks for these homes to rent!
How did you find this deal and how did you negotiate it?
I found this deal through another investor, he was wholesaling the deal. I went to see the house 1 hour after he sent it out to his email list, and I made him an offer on-the-spot for $5,000 off of the price he was asking. We settled in at $3,000 off the price, and got it under contract!
How did you finance this deal?
We bought this house in cash and will do the renovations with cash. Once complete, we will refinance all of our money out of the deal.
How did you add value to the deal?
We are currently adding new flooring, interior and exterior paint, renovating both bathrooms, adding 3 closets (yes, closets for all 3 bedrooms!), and updating the countertops with granite. Along with all new fixtures and appliances.
