This was my first investment property. It was a townhouse for sale as a foreclosure, at around 70% of its actual value. My agent found it for me through a wholesaler.
I renovated the project for about $6,500, mostly cosmetic work. I placed a tenant there in the begining of 2017 and am working on refinancing the property out of the hard money I used to purchase it (I had to close quickly because of the type of deal). The house appraised well and I’m hoping to withdraw all my down payment and some of the construction costs out of the deal.
My closing costs were higher than expected, so this deal is not perfect. But I learned a lot from the process and it’s what turned my from a hobbyist who rents out rooms to a bona fide investor.