Single Family Live in Flip With Tenant

[Shawn Mcenteer]

Investment Info:

Single-family residence other investment.

Purchase price: $260,000
Cash invested: $5,000
Sale price: $277,000

Single Family live in flip with tenant

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

Absolute newbie at the time, thoughts were this property would be a great a rental property. Later we we found out a different strategy which has proven to be a huge success for us (MFR investing)

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

MLS, realtor to realtor

How did you finance this deal?

3.5% down FHA loan

How did you add value to the deal?

We renovated kitchen, 2 bathrooms and 2 bedrooms

What was the outcome?

Sold property after living in it for 2 years, gave us liquid cash for next purchase. Stepping stone for us house hacking our future MFR

Lessons learned? Challenges?

First tenant experience, went well. We got an idea around what it takes to renovate a property and manage it. We learned the property ultimately would make no sense as a buy and hold so made the most out of it by renovating and selling for top dollar.