Investment Info:
Single-family residence other investment in Bay St Louis.
Purchase price: $50,000
Cash invested: $100,000
Bought the first house on this waterfront property in 2001 as a rehab and hold project, hurricane Katrina came thru in 2005, bulldozed old house, set up site plan and built new house, completed and ended up using as primary home since 2013, house is paid with no mortgage, had a mess and tax issue, sorting that out and preparing to sell.
What made you interested in investing in this type of deal?
Always wanted to fix and flip, this was the first deal at age 23.
How did you find this deal and how did you negotiate it?
I found this deal through a family friend that had owner financed the house to many others before me. Mrs. Dorothy Bloom and her husband Garland Foley became some of my first mentors, many moons ago.
How did you finance this deal?
Owner financed with $5,000 down, 4 % interest on $45,000 for 15 years, paid house off in full in 7 years.
How did you add value to the deal?
Rehabbed first home, new wiring, flooring, cabinets, appliances, hvac, etc. Then built new home from ground up.
What was the outcome?
That is to be continued
Lessons learned? Challenges?
Many challenges, the biggest being almost losing paid for home for property taxes.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Jamie Giardina Daniels
