Investment Info:
Single-family residence other investment in New Hope.
Purchase price: $779,000
Cash invested: $77,900
Sale price: $1,200,000
Live and Flip
Single-family residence snagged below market value during a hot market back in 2020. Needing a complete renovation, I lived in the property and renovated to force appreciate its value. Also banked on its appreciation over time and leveraged the equity gains on subsequent deals.
What made you interested in investing in this type of deal?
Living in the property during the renovation not only saves me on living expenses but also allows me to intimately understand its potential.
How did you find this deal and how did you negotiate it?
Found on the MLS and presented by my agent as a hidden gem. Listed with unattractive photos that lingered for 60 days. As it turns out, the owners were going through a divorce. The wife and her kids were living in the house while the husband had moved out. The listing agent - a relative of the husband, intentionally neglected to show the house.
How did you finance this deal?
Jumbo Loan
What was the outcome?
Despite numerous attempts to reach the listing agent, we faced silence. However, my agent's persistence paid off. They escalated the issue to the national board of realty, prompting the listing agent to finally respond. This breakthrough led to us being the first ones to see the property since its listing. Meeting with the wife provided insight and a connection to the home's story. That very night, we placed an offer, which the wife accepted the next day.
Lessons learned? Challenges?
A mix of determination, perseverance, and a bit of luck can uncover hidden opportunities in unexpected places.
