Investment Info:
Single-family residence buy & hold investment.
Purchase price: $350,000
Cash invested: $120,000
Zen Den- This newly renovated peaceful, zen retreat features aroma therapy, a steam shower, hot tub, firepit and additional spa services on request. Zen Den is walking distance (0.5 miles) to Lookout Mountain, Park with access to free Hiking, tennis, sand volleyball, playground and spacious grass area for picnics and much more! Throughout the house are thoughtful eco-friendly touches to minimize our impact on the planet.
What made you interested in investing in this type of deal?
What grabbed my attention was the price. In that particular location, there was nothing even close to that price for sale. I knew I had to act quick because of the return I would make on this investment.
How did you find this deal and how did you negotiate it?
This was a traditional single family home found on Zillow in September of 2022. We discussed directly with the sellers agent and after some back and forth we finally agreed to the terms.
How did you finance this deal?
This was a traditional 30 year fixed conventional loan.
How did you add value to the deal?
The property has been completely renovated inside and out adding wall-to wall tile, quartz countertops throughout, brand new kitchen cabinetry, themed decor and more! All of this along with custom outdoor landscaping with a rooftop deck to truly enhance the experience.
What was the outcome?
Zen Den has been listed for its first high season and has been doing well considering the late start. \It has consistently earned 5 stars and has provided guests with an unforgettable experience.
Lessons learned? Challenges?
We were our own contractor for this property and it worked out much better since we gained a list of contacts we knew and trusted. We did have to wait a long period of time for specific custom items which delayed the start date.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
This was my second deal and since then, I have earned my real estate license with My Home Group so I can do it own my own and help others make their dreams come true.
