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Updated about 5 years ago,
Our first property, our first step toward financial freedom
Investment Info:
Single-family residence other investment in Sultan.
Purchase price: $330,000
Cash invested: $15,000
This is our first home purchase. We currently are doing a live in flip, we hope to turn this single family home into a two a duplex if allowable, or to complete the remodel and rent the house as a single family home when we move on.
What made you interested in investing in this type of deal?
This purchase was a little out of necessity. We were expecting our firstborn and needed to get out of our 500-square-foot apartment. It was the perfect opportunity to begin investing in real estate and we found a house in our price range that we could house-hack and increase our living space.
How did you find this deal and how did you negotiate it?
We found the deal through a realtor and used a USDA loan, negotiating our closing costs into the loan, therefore needing no down payment.
How did you finance this deal?
We used a USDA loan and rolled our closing costs into the loan.
How did you add value to the deal?
We renovated the home by updating the paint and trim throughout the house. We also removed the old, stained carpet from the stairs and added wood treads that matched the hardwoods throughout. We have plans to further renovate the kitchen and bathrooms.
What was the outcome?
We're still living in it and are enjoying the beautified version of this house. We're house-hacking by renting a room out, and we have plenty of room for our growing family.
Lessons learned? Challenges?
Pay other people to do the remodel! With two weeks to flip the house before the birth of our baby, taking on the entire renovation was not worth the savings in doing it ourselves.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes! Amanda McClindon at Century 21 and Troy Wardlow at Bay Equity were an incredible team in helping us understand the home buying process, finding a home, and financing it.