Purchase Date: 9/20
The Deal
We found this house through our Realtor who asked if we would be interested, and if we were interested we would need to move fast & possibly even offer over the asking price! We put in an offer the next morning for the full asking price. The seller had two offers on the property for the full asking price, but went with us since we were local and could close fast!
The property cost $25,000.00, I was able to secure a private money loan with a local investor who gave me a $35,000.00 loan at closing. $25,000.00 for the property, with an additional $10,000.00 for immediate repairs. The loan was for 6 months, with the option to renew for an additional 6 months, for an additional fee. There were no monthly payments required, the loan was a balloon loan, and we secured the loan with a lien against the property. We then refinanced out of the private money into a portfolio loan.
Before Video
Updates Done
- We fixed the back porch and painted the front porch
- Stained the front door and painted the fireplace
- Removed all the old carpet & installed all new vinyl plank
- Installed all new ceiling fans
- We replaced the toilet, sink w/vanity, mirror, & all new bathroom racks
- We painted the entire house
- Removed part of a kitchen wall, all new cabinets & counters
- All new appliances
- We had to move the gas line and install some new plumbing
- We replaced all the outlets & covers, as well as the light switches & covers
- And much, much, more!