Real Estate House Hack

[Tristan Barrett]

Investment Info:

Townhouse buy & hold investment in Saint George.

Purchase price: $143,000
Cash invested: $8,000
Sale price: $209,500

I house hacked this home while I was in college and over the two years was able to put lots of new updates, and just slowly improve the quality of the property.

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

I always wanted to get into real estate and saw that it was a good time to buy in my market so I decided to house hack it and after two years try and sell it for a profit.

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

I found it on KSL, and it was a for sale by owner. So I was able to get him down about 10,000 because we werent using realtors or anything.

How did you finance this deal?

I was able to finance it through a broker.

How did you add value to the deal?

Remodeled the kitchen, put in new tile, repainted the whole inside, remodeled both bathrooms, and updated light fixtures as well.

What was the outcome?

I was able to profit 5 figures.

Lessons learned? Challenges?

It takes a lot longer to remodel a house then expected, and it takes about 20-30% more in budget then expected as well.

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

No