Investment Info:
Single-family residence fix & flip investment in Appleton.
Purchase price: $91,500
Cash invested: $25,000
Sale price: $165,000
We purchased the home through HUD, worked on it ourselves over the next 2.5 years and sold it for $165k after completely remodeling the kitchen, entryway and adding a bathroom and laundry room.
What made you interested in investing in this type of deal?
We were interested in a lower cost housing as a way to get into the market and a way for my wife to use her interior decorating skills to increase the value of the home.
How did you find this deal and how did you negotiate it?
We found it on the HUD Homestore and put a bud in on it as an owner-occupant.
How did you finance this deal?
15 year traditional mortgage.
How did you add value to the deal?
Added a first floor laundry, moved the first floor bathroom to a better location, repainted the entire home, and remodeled the kitchen to an open concept.
What was the outcome?
The outcome was an 19th century, open-concept, beautifully updated home with original maple hardwood floors.
Lessons learned? Challenges?
I learned in project estimation to estimate more time for the work to be completed if you’re doing it yourself with 3 children.
