long term fix + flip, house hacking project

[Michelle Brigid]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $65,000
Sale price: $237,500

Bought this 1920, 2500 ft2, 5 bedroom, 2 bath house as a primary residence/house hack. Lived there for 8 years with housemates. Initially, I co-owned the property with a hard money investor and they got rental income from housemates. In 2021, I bought out the investor and then began renovations. Renovations were extensive including ripping up carpet and refinishing hardwood floors, exterior/interior paint, many functional repairs on plaster, remediating the basement, new gas lines/insulation/windows, electrical work, refinishing original doors, landscaping, concrete work, and interior design.

My work on the house ended up being featured in NextPittsburgh magazine.

How did you finance this deal?

Private investor, shared ownership to buyout

How did you add value to the deal?

Found the house, negotiated the original sale with the owner as an off-market deal, rented out the rooms for the investor, and eventually became sole owner and renovated the house increasing the value by over 100k. Also, greatly increased the property values in that neighborhood.

Lessons learned? Challenges?

Having a clear plan from the outset, not getting attached to a property past the expiration date, vetting contractors well. And many more that I won't list here.

[Jaycee Greene]

Quote from @Michelle Brigid:

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $65,000
Sale price: $237,500

Bought this 1920, 2500 ft2, 5 bedroom, 2 bath house as a primary residence/house hack. Lived there for 8 years with housemates. Initially, I co-owned the property with a hard money investor and they got rental income from housemates. In 2021, I bought out the investor and then began renovations. Renovations were extensive including ripping up carpet and refinishing hardwood floors, exterior/interior paint, many functional repairs on plaster, remediating the basement, new gas lines/insulation/windows, electrical work, refinishing original doors, landscaping, concrete work, and interior design.

My work on the house ended up being featured in NextPittsburgh magazine.

How did you finance this deal?

Private investor, shared ownership to buyout

How did you add value to the deal?

Found the house, negotiated the original sale with the owner as an off-market deal, rented out the rooms for the investor, and eventually became sole owner and renovated the house increasing the value by over 100k. Also, greatly increased the property values in that neighborhood.

Lessons learned? Challenges?

Having a clear plan from the outset, not getting attached to a property past the expiration date, vetting contractors well. And many more that I won't list here.

Hi @Michelle Brigid, welcome to the BP Forum! Sounds like a very profitable project! Are you looking to do more fix/flip projects (maybe more short-term in nature) or BRRRR?