Mountain view home

[Clint Rasberry]

Investment Info:

Single-family residence other investment.

Purchase price: $75,000
Cash invested: $30,000
Sale price: $215,000

Live in flip. 4/2 ranch style home with 4 acres. Purchased as foreclosure with nonrepairable mobile home also on the property. Updated the all light and plumbing fixtures, flooring, paint and master bath. Repaired hvac, and fixed a plumbing leak in the attic. Also installed all new stainless appliances in kitchen. Removed mobile home. Stayed there for 2yrs for tax purposes and did most of the work myself.

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

It was a stepping stone project that has allowed me to expand to 2 new projects.

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

Found on zillow. It had been mislabeled as a mobile home and had terrible photos. Cash only sale.

How did you finance this deal?

I used my personal savings for the purchase then instead of paying a mortgage payment I used $1000 /month on materials for repairs.

How did you add value to the deal?

Remodeling

What was the outcome?

Worked out great. Owned and lived in the home for 26 months. Just long enough to avoid taxes.

Lessons learned? Challenges?

Sheetrock dust gets everywhere. Do it before you bring anything inside.