Updated over 3 years ago on . Most recent reply
Knightdale, NC cozy cottage flip
Investment Info:
Single-family residence fix & flip investment in Hanapepe.
Cash invested: $8,000
My husband and I purchased a cute 864 sq foot cottage. We renovated the entire home with plumbing and electrical work. We gutted and renovated a kitchen, bathroom, and restored the homes original hardwood floors. We did a lot of landscaping and we painted the entire home inside and out.
What made you interested in investing in this type of deal?
We wanted to find a home outside of Raleigh but still within Wake County that would allow our family to explore the area. We wanted a small single story home to renovate and bring back its charm and bring life to the street!
How did you find this deal and how did you negotiate it?
My husband connected with a neighbor in the area we were renting in while looking to buy a home and his father was selling the home. We met with his father to tour the off market property as he was making some updates. We offered to purchases it as is and the deal was made!
How did you add value to the deal?
We gutted a kitchen and bathroom making it much more functional for a family to live in and enjoy. We added all new appliances, restored the hardwood floors, painted the home inside and out and did a lot of landscaping.
What was the outcome?
We were able to live in the home and enjoy it until we outgrew it and it is now a rental property that I self manage.
Lessons learned? Challenges?
It is essential to be able to communicate very clearly and receive very itemized estimates for any work contracted out!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, our lender in North Carolina was a pleasure to work with as was our realtor!