All Forum Posts by: Russ Kikkert

My first few inspections were helpful to help understand building systems and routine maintenance schedules (don’t have to worry about that stuff when you’re a renter.)

Sadly inspections afterward, for investment properties, only turn up obvious items that’s hard to miss if you personally walk the property looking in the nooks and crannies.

Rot, poor wiring, improper framing, water leaks, etc that are behind the walls is when I’ve gotten into trouble. And after chasing inspectors I’ve been told that it’s not their issue as they can only inspect what they see. Essentially buyer beware. 

Investment Info:

Single-family residence buy & hold investment in Bridgewater Corners.

Purchase price: $149,000
Cash invested: $70,000

A gut renovation to convert into a short term rental

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

Wanted to see what a renovation would take and thought I could learn a thing or two in the process.

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

MLS and real estate agent.

How did you finance this deal?

Cash and eventually a cash out refi

How did you add value to the deal?

Taking a delapitated single family residence and fix everything before bringing it back to the market as a short term rental.

What was the outcome?

Still working through the process.

Lessons learned? Challenges?

Again, inspections don’t show you what’s behind the walls and in the end it likely would have been better to simply find a better plot of empty land and build new from the start.

Investment Info:

Single-family residence buy & hold investment in Campton.

Purchase price: $159,000
Cash invested: $15,000

Short term Rental

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

Started off as a family getaway before realizing the revenue potential and converting it to an investment property.

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

Working through a real estate agent.

How did you finance this deal?

Cash

Lessons learned? Challenges?

Don’t trust your home inspection. So many things came up after that needed attention. Make sure you have cash reserves to cover those issues if your purchasing an older home