Live-in remodel, current project
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $215,000
Cash invested: $50,000
Sale price: $379,000
Purchased home in established neighborhood, and over three years was able to go room by room refinishing the house.
What made you interested in investing in this type of deal?
Have a busy & fulfilling day job, but enjoy taking on home remodeling projects in "spare" time.
How did you find this deal and how did you negotiate it?
Referral from a family member of the previous owner.
How did you finance this deal?
Traditional FHA loan.
How did you add value to the deal?
removed 30 year old carpets, refinished hardwood floors, and added new hardwood floors. removed wall between dining and living room to have a more open floor plan. removed 35 year old wallpaper and textured and painted rooms. Also got the added bonus of repairing/replacing rotten or beginning to rot timber framing under the house, and adding a french drain to prevent future water inundation of crawlspace.
What was the outcome?
Held the house for a few years (past the required ownership for taxation), and listed for sale.
Lessons learned? Challenges?
on bigger projects doing them solo, detailed checklists help keep a sense of progress, and build momentum.