Investment Info:
Single-family residence other investment.
Purchase price: $510,000
Cash invested: $40,000
Sale price: $830,000
Medium duration house hack, fix and flip
What made you interested in investing in this type of deal?
Needed a house to buy and live in, figured I'd rent out a room after the renovations
How did you find this deal and how did you negotiate it?
House was listed on the MLS
How did you finance this deal?
VA loan
How did you add value to the deal?
Tore out everything cosmetically and removed a load-bearing wall to make the kitchen more open. Installed doors, closets, wide-plank hardwood floors, kitchen cabinets, and custom-poured concrete countertops (island included) myself---DIY. Painted all interior walls too
What was the outcome?
Completely changed the look and feel of the house, opened up the kitchen
Lessons learned? Challenges?
Learned how to design a cabinet layout and install everything. Learned how to pour & finish concrete countertops, how to install hardwood floors with a pneumatic nail gun, how to install closet doors and hang new interior doors. Learned how to remove carpeting and popcorn ceiling covering. Also loved learning how to use a table saw and miter saw.
Learned how to screen and select solid, reliable tenants/roomates
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Navy Federal Credit Union is a great bank for those that can qualify for membership with them and get a loan. They do more than just VA loans--rates are great and their customer service just can't be beat
