First house hack and flip!

[Justin Greene]

Investment Info:

Single-family residence fix & flip investment in Cape Girardeau.

Purchase price: $84,500
Cash invested: $25,000
Sale price: $146,900

This was my first Realestate transaction. I was very happy with the success of this deal. I was able to house hack for the three years that I owned the house, renting out two rooms to cover the cost of the mortgage.

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

I knew that I wanted to buy a house as soon as I finished college - this house was in decent shape for being a foreclosure and I knew that I had people that would rent rooms from me to help cover the mortgage. I was thrilled to live for free and build a decent amount of equity at the same time.

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

I did this deal the traditional way - Realestate agent that found it for me.

How did you finance this deal?

This was traditionally financed through a local bank. I had a good W2 job, and very little debt. It made it extremely easy to finance.

How did you add value to the deal?

I did all of the work myself. I tore out carpet and exposed the hard wood floors upstairs. Complete remodel of the upstairs bathroom. Added one legal bedroom and a bathroom own stairs as well as finished the entire basement.