Investment Info:
Single-family residence fix & flip investment in Bend.
Purchase price: $275,000
Cash invested: $18,500
Sale price: $325,000
This was my first home purchase. I house-hacked during the two years I owned, made cosmetic improvements, the home appreciated and I sold while avoiding any capital gains.
What made you interested in investing in this type of deal?
I was renting with some good friends, and decided that house hacking made sense. Convinced my friends to move in with me, and covered the majority of the mortgage.
How did you find this deal and how did you negotiate it?
MLS
How did you finance this deal?
Conventional loan
How did you add value to the deal?
Cosmetic improvements: new carpet and laminate, paint, landscaping, etc.
What was the outcome?
Walked away with $80k in equity and $50k in profit
Lessons learned? Challenges?
I probably could have refinanced and held the property as a long-term rental and/or leveraged the equity in a HELOC to invest in another home.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I worked with an agent in the buying process but sold myself as a "For Sale By Owner", paying only 1% commission to the buyer's agent.
