Single-family residence fix & flip investment in Dansville.
Purchase price: $165,000
Cash invested: $40,000
Sale price: $240,000
Downsized to to this home in the only subdivision in town expecting to stay here till both kids graduated. However, as the market continued heating up, and I sold or watched houses in this town get sold at pricing unseen in a long time, I knew we had to prepare to jump again.
What made you interested in investing in this type of deal?
Watching the market in this area closely I knew when things started going in a direction I couldn't ignore.
How did you find this deal and how did you negotiate it?
Watching the market, I knew from the summer selling prices I needed to get ready to sell soon.
How did you finance this deal?
30 year conventional financing with 20% down.
How did you add value to the deal?
I had known when I purchased this house I would need to bring it up to date from the 2005 style it was decorated in do before I sold it. So from October to mid December I had all new flooring installed, quartz countertops throughout the kitchen and all 2.5 bathrooms, new sinks, faucets, and lighting as well. I also have the cupboards professionally painted, and painted the entire main level in the greys, whites and navy most popular right now.
What was the outcome?
When a house five houses down from us listed in December for $245, up from the highest $212 I had seen last summer, I told my family if that house sold quick we would have to jump. Our house was smaller than the one listed at $245 (which sold for $250) so I listed mine at $230 and sold it within 36 hours for $240. The other outcome is that my family has gotten fully on-board with this real estate adventure we are living!
Lessons learned? Challenges?
In order to list I had to find a rental that would work for us. So I went hunting and thankfully found a duplex one town over that was only 100 sq. feet smaller than the house we would be selling. I have never rented before so it has been a good learning experience as I work towards owning rentals in the future. My next move will hopefully be to house hack a duplex in Mason, or Williamston areas. Living in one side and renting the other, then renting both sides when we move in 2024.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I love all the people in my company, Howard Hanna Real Estate Executives, and the larger entity, Howard Hanna Real Estate Services, so of course I highly recommend working with us! I also use Amy Sheppard at Dart Bank for my personal lending every time.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you