All Forum Posts by: Marc Sapatin

Hey RE Pros! Wanting to explore other options or find out other financial strategies for trying to build a detached home on our lot without having to refinance out of our 2.75 interest rate with a cash out or doing a HELOC. Are there other savvy ways for funding this project? Thanks in advance for any insight and advice!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $280,000
Cash invested: $70,000

Found a rat invested fixer on a corner lot. Got it updated. Have plans to keep building a bigger house with ADU turning the existing 700sqft home into the DADU.

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

The size of the lot and potential experience I would learn going through the motions.

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

It was on market. Offered to pay cash.

How did you finance this deal?

Used Uncle's Line of credit available.

How did you add value to the deal?

Updated interior and exterior. Opened up the wall that separated the kitchen and living room to make it more spacious and open concept.

What was the outcome?

Some sweat equity raised the value up to $475k

Lessons learned? Challenges?

Get permits up front.

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

Jimmy Le with Skyline Properties.