Townhome Remodel Easy Payoff

[Kathy Scott]

Investment Info:

Townhouse buy & hold investment in Bryan.

This darling townhome has been completely updated and is simply beautiful. The living room features a vaulted ceiling with a large beautiful iron chandelier, fireplace,& stained wood mantle. Large dining area with a crystal chandelier and skylight. The kitchen has been remodeled and includes a stainless steel refrigerator, built in stainless microwave, electric stovetop, built in oven and a pantry. Granite countertops, glass tile backsplash, skylight and feature lighting gives this kitchen extra

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

I was interested in purchasing this townhome because, it fit all of the criteria to remodel and flip, or keep as a long term investment.

How did you finance this deal?

My husband and I are very frugal in our personal spending. The purchase price of this townhome was about as much as many people spend on a luxury SUV, which was on my mind to purchase when I came across this owner/seller. I decided to purchase a townhome instead of the brand new vehicle. The townhome was paid off in 3 years, owner financed. This home has increased greatly in value, whereas the vehicle that I wanted has decreased in value.

How did you add value to the deal?

This 1970s townhome was very boxy with a doorway to the dining room, kitchen, hallway, and bedrooms. We removed a large wall in the dining area which removed the hallway, and opened up a large portion of the home. The bathrooms and kitchens were remodeled, as well as installation of new lights, hardware throughout, raised panel doors, vinyl plank throughout the home, and fresh paint.

What was the outcome?

The remodel brought great value to the home, and met all of our expectations to flip or keep this investment.