Rehab and sale of former primary residence

[Jared Boundy]

Investment Info:

Single-family residence fix & flip investment.

Sale price: $665,000

Just closed on the sale of my previous primary residence that I rehabbed before selling.

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

I already owned the home and wanted to maximize the value when selling it.

How did you finance this deal?

Used a HELOC to cover the rehab/remodel costs, then paid it off at closing.

How did you add value to the deal?

I did much of the work myself, and negotiated with contractors to do the rest. I tried to think like a buyer and anticipate any repairs or changes they would feel necessary and worked to do them in anticipation. Re-envisioned the basement space to make more usable, and invested in upgrades that made the house more appealing and liveable, while disciplining myself to not spend on the little things that weren't going to really add value. Didn't skimp on staging and marketing.

Lessons learned? Challenges?

Getting the right contractors lined up early can save a lot of time.

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

During this process I decided to go ahead and get licensed myself, with no regrets! Being a Real Estate Broker is now my full-time gig!