East Austin Househack sold!
Investment Info:
Single-family residence buy & hold investment in Austin.
Purchase price: $260,000
Cash invested: $80,000
Sale price: $430,000
Contributors:
David Ivy
Bought a SFH with an ADU in the backyard in East Austin off Springdale in 2018. Sold the property in 2020 because of ongoing maintenance issues I didn't want to deal with forever.
What made you interested in investing in this type of deal?
Lots of upside in a rapidly appreciating area!
How did you find this deal and how did you negotiate it?
MLS and with an agent
How did you finance this deal?
Conventional financing
How did you add value to the deal?
Full rehab done on main house and ADU. Home needed new siding, windows, HVAC, kitchens, baths, paint, flooring and various other fixes.
What was the outcome?
Large gain on the sale and cashflow for 2 years!
Lessons learned? Challenges?
Listen to your inspector. This home had issues that I ignored when buying it that were annoying over the time owning it.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I sold the place as I'm a licensed agent in TX, David Ivy helped me buy it as I was living in MN most of the time back then, James Mosley was the lender and Scott Sledge was the contractor. Many other tradespeople helped along the way too and I'd love to give recommendations.
