Updated about 6 years ago on .
My First Fix and Flip, and House Hack.
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $148,200
Cash invested: $5,000
I bought this home in Parowan UT. for 148,000 and have remodeled it to an ARV of aprox 215,000. I did most of the work on my own. New flooring, cabinets, paint, roof, lighting, ripped out the jetted tub, and framed in a tile walk in shower.
What made you interested in investing in this type of deal?
it was the right price, and It is up the street from my Parents Cabinet Shop (Harris Custom Cabinets) so I had easy access to tools needed for the flip
How did you find this deal and how did you negotiate it?
It showed up on the MLS and on the Same day because i know this market I scheduled a showing. I first offered 140,000$ and we ended up negotiating 152,800$ including having the roof to be redone.
How did you finance this deal?
I received a first time homebuyers Grant from the State Bank of Southern Utah for 7,500$ which covered the Down payment, then SBSU financed the rest. Except for the cost of the remodel. Which my parents are carrying the cost til it sells, because most of it is what they sell out of the cabinet shop.
How did you add value to the deal?
A lot of Sweat Equity
What was the outcome?
I'm House Hacking, and renting out 2 of the bedrooms, while i'm opening a HELOC to pay back the cost of the rehab. The plan for now is to take whats left on the HELOC and use it to buy another property.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My Mother was the Real Estate Agent so She ended up not taking a Commission, and used the money to pay for part of the rehab.
