The long term fix and flip/house hack

[Ashton Sharp]

Investment Info:

Single-family residence fix & flip investment in Bakersfield.

Purchase price: $125,000
Cash invested: $31,080
Sale price: $185,000

My wife and i purchased this SFR the summer of 2015 as our home with an FHA loan. February 2017 the property suffered a major fire, fortunately everyone was uninjured.

we received an insurance pay out of $158,000 of which we put 130,000 back into the property, as well as our personal living expenses. once the property was repaired we moved back into it, and after a year we put it on the market, where it sold in 3 months start too finish.

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

totally situational

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

found it on the MLS and we didnt negotiate.

How did you finance this deal?

we used an FHA 3.5% down as well as a CHADAP down payment assistance program, and only put 2000 down

How did you add value to the deal?

we rebuilt the property from the studs out

What was the outcome?

we eventually sold the property after house hacking for several years

Lessons learned? Challenges?

i learned not too buy used dryers, to always have personal property coverage, and always ask around for bids.