Primary Residence Purchase -> Sold for a Nice Profit
Investment Info:
Single-family residence fix & flip investment in Durham.
Purchase price: $100,000
Cash invested: $2,000
Sale price: $136,500
Purchased as primary residence and sold for a profit
What made you interested in investing in this type of deal?
Lowering living expenses and building equity instead of paying rent at an apartment building.
How did you find this deal and how did you negotiate it?
Collaborated with my agent and came in 12% below asking.
How did you finance this deal?
Traditional mortgage
How did you add value to the deal?
updated appliances and spruced up small accents in the bedrooms.
What was the outcome?
Sold a little over a year later for a profit.
Lessons learned? Challenges?
Would've liked to keep it as a rental property but the next property we purchased need quite a bit of work and we wanted the cushion profits.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Jonathan 'JT' Smith
