Investment Info:
Single-family residence other investment.
Purchase price: $55,000
Cash invested: $1,500
Sale price: $69,900
First house that I bought knowing it was a good deal going into it that needed no work. Did minor updates like paint before selling it to 1031 into my current househack / flip / buy and hold Commercial Property.
What made you interested in investing in this type of deal?
I crunched the numbers and this was a better deal for me to buy instead of renting. I put a little bit of work into it and made a decent profit.
How did you find this deal and how did you negotiate it?
I found it through word of mouth at work and ended up buying it from a coworker who initially wanted to rent it for me. We found a price that was a win-win for us both.
How did you finance this deal?
Conventional loan with a down payment from my individual income.
What was the outcome?
I was able to do little work, save money compared to renting, build equity in the house, and sell for a good profit that allowed me to 1031-Exchange into a Commercial Property.
