Single-family residence other investment in Norfolk.
Purchase price: $147,800
Cash invested: $3,000
This is a house hacking situation where I'm living and flipping, while rooming with my friends. Additionally, I am working on selling a lot that came with the property, in order to finance my next deal an rehab on this property. The goal is to use this property to build cash, while moving the property towards a cash flowing rental at the same time.
What made you interested in investing in this type of deal?
It was my first deal and it had a backyard that had potentual to be built upon or sold to a builder.
How did you find this deal and how did you negotiate it?
The agent had it off market. It was the first house I looked at but the price was way too much, so I looked at other houses and once the price on this one dropped, I made an offer.
After the inspection came back and there were significant amounts of repairs to be done, I renegotiated the terms and price to what I closed at while also making the sellers upgrade the electrical grid as well.
How did you finance this deal?
FHA VHDA Loan
How did you add value to the deal?
I had the sellers redo the power panel, replaced the AC and currently, renovating the rest.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Agents and lenders
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