Investment Info:
Single-family residence buy & hold investment.
Purchase price: $53,600
Cash invested: $75,000
This is a great learning opportunity. I decided to add an addition on a home to increase the utility as a rental (2/1 to a 3/2). Over a year later due to regulatory challenges, we are finally laying the foundation. Should be done in August 2019. Pics coming soon.
What made you interested in investing in this type of deal?
low price strong indications of my desired long term rental market
How did you find this deal and how did you negotiate it?
HUD/Realtor
How did you finance this deal?
Mr. Cooper via Carelton Chambers Prosperity Home Mortgages, he's awesome
How did you add value to the deal?
adding and addition in Henrico county, which I would avoid in the future. rehab of interior.
What was the outcome?
still owrking, but trending towards a viable rental in a great location
Lessons learned? Challenges?
permitting in Henrico county is not an easy process
Richmond area has soil issues that require consultation of professional engineers
persistance pays off
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes DM me and I'll point you in the right direction
