Live in flip to house hacking

[Andrew Morales]

Investment Info:

Single-family residence fix & flip investment in Murray.

Purchase price: $225,000
Cash invested: $70,000
Sale price: $353,000

Reconfigured first floor, gutted basement, new HVAC, new plumbing, new electrical, new baths and new kitchen.

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

We weren't looking for a home run, or a big project. It seemed a project just the right size for our budget and our skills.

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

MLS, the appraisal and due diligence gave us a few negotiating points that allowed us to lower the price by 10k.

How did you finance this deal?

FHA

How did you add value to the deal?

beyond the significant changes on the interior, we replaced windows, redid the landscaping, and finished the floors. These were three of the biggest selling points during showings.

What was the outcome?

It took just over three weeks to get an offer.

Lessons learned? Challenges?

by far plumbing was our largest problem. There was 120 ft from the home to the city with a 60 foot belly. We had several back ups while we lived there that weren't solved until long we installed a pump. Never again will think that we can "get by" with the existing inadequate plumbing, I should have negotiated a lower purchase price and fixed that problem right away!

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

Joel Carson was great to work with both on the purchase and the sale.