Pre-20th century Farmhouse flip!
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $125,000
Cash invested: $24,000
Sale price: $185,000
Purchased old farmhouse that needed updating and had been sitting on market for over a year.
How did you find this deal and how did you negotiate it?
Through agent on MLS
How did you finance this deal?
Conventional loan.
How did you add value to the deal?
Installed new roof, complete kitchen and bathroom remodel then cosmetic improvements to rest of house (painting and new flooring). Also ended up replacing water heater and well pump. Installing new water filtration system along with water softener (house is on well water). Completed all work myself (except for roof) for cost savings.
What was the outcome?
Ended up selling for a $36,000 profit. This was my primary residence, which I see it as being paid to live there for 4 years.
Lessons learned? Challenges?
Won't purchase that old of a house that hasn't been properly brought up to modern building standards prior to purchase.
