Live In Flip in Downtown Raleigh
Investment Info:
Single-family residence fix & flip investment in Raleigh.
Purchase price: $130,000
Cash invested: $35,000
Sale price: $318,000
This was in an up and coming area in Raleigh, NC (near Downtown Raleigh) and bought it originally to be a personal residence and after a few years rent it out. However, I decided it was best for my family to cash in on the hot market after 4 years and pull the money out for future investments.
How did you find this deal and how did you negotiate it?
Ironically I helped an investor buy it 2 years before that. His tenant skipped out on rent and he decided to sell. I told him I'd buy it from him through seller financing for 2 years and would then refinance with a lender with more favorable terms.
How did you finance this deal?
Seller financing to start off (2 years). Then re-financed with bank.
How did you add value to the deal?
Demo'd the kitchen and bathroom. Refinished the hardwoods. Painted throughout (interior). Landscaping and added a fire pit area.
What was the outcome?
Sold the home after owning it for 4 years.
Lessons learned? Challenges?
Doing renovations on an old home while living in it can be tough, but if you buy right, it's worth it in the end.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I have been a full time Realtor since 2010- I highly recommend myself- Check out my Zillow Reviews!