Single Family House Hack, Maine
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $110,000
Cash invested: $165,000
House Hacked single family home, live in an primary residence.
Appraised at more than double the purchase price.
Cash out Refi done after renovations completed to reinvest in another property.
Property is a Cape style house, 2 car garage, mudroom and 3 bedroom, 2 bathroom.
What made you interested in investing in this type of deal?
I was researching single family homes we just moved back to Maine from the mid-atlantic so I needed a place to live. After renting for a year to learn the growth direction in Manchester, I made multiple offers on SFH's.
Cash out Refi's I was interested in doing to not have a large down payment in the property plus all the renovation costs.
How did you find this deal and how did you negotiate it?
MLS listing, Offered all cash offer, 7 day closing, no financing contingency.
How did you finance this deal?
Cash deal, then Refi once renovation completed. Local lender used, traditional financing who keeps 100% of mortgages in house.
How did you add value to the deal?
Kitchen, flooring, bathrooms, paint, insulation, drywall, electrical, plumbing, new heating system, windows, doors
What was the outcome?
Appraisal at 230-245k.
Amount invested-165k.
Lessons learned? Challenges?
Finding good contractors for some of the work. Most of the work was done myself.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Realtor with over 150 multifamily units, subdivisions built and spec. homes.