All Forum Posts by: Danyale Thomas

Investment Info:

Other other investment.

Purchase price: $98,000
Cash invested: $98,000

Built a mother in law unit that I lease mid and short term

What made you interested in investing in this type of deal?

I wanted to add rental income without having someone live in the house with me.

How did you find this deal and how did you negotiate it?

Followed what I saw friends doing.

How did you finance this deal?

HELOC

How did you add value to the deal?

Design and long distance management

What was the outcome?

Profitable and easy

Lessons learned? Challenges?

I would better vet the builder. I chose someone who my friends had worked with but had to fire him before the project was complete and finish on my own. I prefer to invest to already built or refurbished property.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $260,000
Cash invested: $50,000

Added 1/2 bath, updated full back, new plumbing, removed oil tank, update electrical, all new everything in the kitchen, built patio, refinished wood floors.

What made you interested in investing in this type of deal?

Was primary residence for 10 years before turning into rental.

How did you find this deal and how did you negotiate it?

Real estate agent

How did you finance this deal?

FHA loan

How did you add value to the deal?

Wrote a personal letter.

What was the outcome?

Seller took offer and declined the escalating offers that were competing with mine.

Lessons learned? Challenges?

Would not purchase a house that is 100+ years old

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, my agent held my second that I paid off 3 years in. She has since retired.