Updated over 2 years ago on . Most recent reply
First House Hack!
Investment Info:
Single-family residence fix & flip investment in Raleigh.
Purchase price: $285,000
Cash invested: $16,000
Bought a 1 story rancher 1300 SF for $285,000. Needs new kitchen, new bathroom and some backyard work. Hoping to put 15-20k into it so it can re appraise at 350k. A smaller updated home just sold in May for 350k in this neighborhood.
What made you interested in investing in this type of deal?
I wanted to purchase my first home but also wanted to be able to add value to the home and take cash out of it to buy my next home.
How did you find this deal and how did you negotiate it?
I worked with a realtor to find this deal. I was able to get a good price for it mainly because there were tenants in the house until September 2023 and they house was listed in February of 2023.
How did you finance this deal?
FHA
How did you add value to the deal?
Ripped out carpets to expose hardwood floors. Painted all the rooms in the house. New trim/baseboard around the whole house. Remodeled both bathrooms completely. Took down a portion of of a load bearing wall to open up the space. Front/backyard landscaping.
