House Hack Sold for a Profit

[Krissie Poplin]

Investment Info:

Single-family residence note investment investment in Wadena.

Purchase price: $75,500
Cash invested: $17,000
Sale price: $125,000

This property is a single-family 3 bedroom 1 1/2 bath with an attached garage. The home sits on a large lot in a quiet neighborhood on the edge of town.

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

The property had a great layout, and it needed cosmetic updates.

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

We actually got this deal from making a contact from a local investor when we purchased a duplex in the same community from them.

How did you finance this deal?

This deal was financed on a conventional 30 year mortgage with 20% down.

How did you add value to the deal?

We invested $20,000 dollars into rehabbing this property. We installed vinyl plank flooring throughout the main level, new interior doors, trim, a shiplap wall in the living room, new paint, new recessed lighting, new kitchen cabinets, counters, appliances, sink, and landscaping to the exterior.

What was the outcome?

We invested $17,000 initially, then another $20,000 in rehab for a total investment of $37,000. We sold the home for $125,000, profiting $41,000 off of the deal.