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Updated over 4 years ago,
My first real estate project... A success
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $300,000
Cash invested: $5,000
Sale price: $337,500
House hack - Generated $800 per month in rental income while I fixed up the property. Everything was cosmetic and just went under Contract.
What made you interested in investing in this type of deal?
Looking to build wealth and financial freedom
How did you find this deal and how did you negotiate it?
Found it through a community listing when the owner moved out of town for a job
How did you finance this deal?
Mortgage with 5% down
How did you add value to the deal?
Remodeled kitchen (redesigned layout, farmhouse sink, painted cabinets, quartz counters, soft close doors)
Painted all trim and doors white; repainted walls
Refaced the fireplace to have a stone feature.
Remodeled bathroom
What was the outcome?
Generated $25k in income during house hack, sold for $337,500 and will pocket approximately $50k after closing, etc.
Lessons learned? Challenges?
Important to have good sub-contractors and quality, reliable painters. It’s amazing what a fresh coat of paint can do.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I did not.