Househack, Move then Hold

[Cory Pflipsen]

Investment Info:

Single-family residence buy & hold investment in Saint Louis Park.

Purchase price: $275,000
Cash invested: $11,000

Purchased with conventional loan. Moving in with a friend who will rent from me for $750/mon. Gutted/reno'd bathroom and should rent for $1,950+/mon in the future. (PITI is currently $1,600/mon)

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

Walking my dog saw a Realtor walking out of the property. Asked if it was going onto the market. She said it was that afternoon. Got a showing time scheduled, made an offer same day (before multiple offers came in) And got it for asking price WITH inspeciton. (rare in this pandemic market)

How did you finance this deal?

Conventional with 5% down.

How did you add value to the deal?

Gutted and updated bathroom. Converted to Dual Vanity, new tub/surround, toilet, walls, etc.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a Realtor for my own purchases.