fix and hold with rent, then sell

[Amy Ryan]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $340,000
Cash invested: $120,000
Sale price: $745,000

1930s tudor SFR home in SLC, last remodel 1960s.

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

An outdated home in a valuable neighborhood with prime location is always an easy quick re-sell.

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

Local driveby

How did you finance this deal?

conventional loan, personal savings

How did you add value to the deal?

Interior and exterior full remodel, new appliances, landscaping,

What was the outcome?

Slow flip. Rented while waiting for the economy to recover. Sold when home values peaked. There are always options during market shifts so we made sure we could cash flow rent while we held for the market to improve. Good returns in the end.

Lessons learned? Challenges?

Choose partners on projects wisely. Pay per job, not by hour. There are different options to deal with asbestos containment.

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

I am an agent and investor.