Renovating a dream home

[Megan Lamke]

Investment Info:

Single-family residence buy & hold investment in Minnetonka.

Purchase price: $200,000
Cash invested: $50,000
Sale price: $440,000

Purchased and renovated this 5 bedroom 3 bathroom home on 1.5 acres in Minnetonka, MN. Refinanced for $440,000 (over $240,000 in equity!)

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

We were looking for a home we could make our dream home in a great school district with over an acre of land

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

I got a non MLS networking email at 6am and was viewing the home by 7am then put in an offer at 8am !

How did you finance this deal?

Conventional financing 5% down then refinanced once equity had been added.

How did you add value to the deal?

renovated the kitchen, bathrooms and bedrooms. Added a mudroom and sunroom.

What was the outcome?

over $240,000 in equity

Lessons learned? Challenges?

Work with great local contractors who can get a job done right the first time and stick to your budget & timeline.

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

Yes I am a real estate professional. We used a professional lender and contractor