Updated 15 days ago on . Most recent reply
long term fix + flip, house hacking project
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.
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.
What was the outcome?
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.
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.
