Investment Info:
Single-family residence fix & flip investment.
Purchase price: $195,000
Cash invested: $60,000
Sale price: $303,000
House hack #2. Complete gut. Our first attempt at "high end"-ish. Have to say I loved turning this into a beautiful home. Can't wait to do it again!
What made you interested in investing in this type of deal?
I knew this neighborhood was well established and attracting higher earning families. I wanted a project that would benefit from higher finishes.
How did you find this deal and how did you negotiate it?
MLS listing with an agent. The owner had the home appraised beforehand and was adamant he wasn't taking anything lower than 195K. Luckily I know this neighborhood like the back of my hand and knew it was a good deal at face value.
How did you finance this deal?
Conventional financing.
How did you add value to the deal?
The home was completely dated and needed a complete facelift. Ceilings were raised, all new flooring (combination of bamboo, porcelain, carpet, and marble), new kitchen island w/ built in microwave & wine fridge, new appliances, fancy tile work in bathrooms with the master getting a bigger marble shower, built in double desk, stone ledge fireplace, painted exterior, recessed lighting, new fence, new furnace, ect….
What was the outcome?
Lots of great feedback from all the buyers, loved the upgrades. House under contract, to be closed on July 31.
Lessons learned? Challenges?
My biggest advantage is having a boyfriend that is a contractor. This can also be a disadvantage. Because it was a live in flip, our house was secondary to other projects. My biggest challenge is getting him to commit to seeing this as a business and putting our projects first.
