Investment Info:
Single-family residence buy & hold investment in Towson.
Purchase price: $172,500
Originally a fix and flip, will be holding after renovation using the BRRRR strategy.
What made you interested in investing in this type of deal?
Great location, had a wholesaler friend from high school present the deal to me. It is actually 2 lots to build on if all else failed but the house had a lot of value add opportunity and was in great shape.
How did you find this deal and how did you negotiate it?
My friend from high school and college became a wholesaler and brought me the deal after telling him the area I was interested in. Networking and telling people your wants really help them think of you. I ended up getting the property over a developer due to my relationship.
How did you finance this deal?
Investors cash, will refinance upon completion.
How did you add value to the deal?
Repaint, refinish floors, update aesthetics, fix imperfections/wear and tear, new appliances and landscaping. The previous owners have actually converted the garage to a bedroom so I had a 4 bed, 3 bath house.
What was the outcome?
In progress but new comps are coming in higher than expected however I have tenants interested in renting as soon as renovations are complete.
Lessons learned? Challenges?
You get what you pay for when it comes to workers. Definitely need to make better contractor connections.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Not yet but will be refinancing.
