Updated over 5 years ago on . Most recent reply
Built Home, House Hacked, Leased Out, and Sold For Profit
Investment Info:
Single-family residence other investment in Martinsburg.
Purchase price: $18,000
Cash invested: $85,000
Sale price: $205,000
Purchased Land, Built Home, Lived in for several years. House hacked by renting out spare rooms, Rented out for two years and then sold for profit
What made you interested in investing in this type of deal?
My father was a contractor and home builder and I had worked in construction most of my life. This is the first home I built on my own.
How did you find this deal and how did you negotiate it?
My father helped find the building lot.
How did you finance this deal?
Construction Loan from Local Bank
How did you add value to the deal?
Built the home myself except for doing the electrical and hvac.
What was the outcome?
I was able to use this as my primary residence while renting rooms out to friends. I then leased the home out for two years, and then sold the home for profit.
Lessons learned? Challenges?
Learned how to handle a project like that on my own.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My father assisted me.
Most Popular Reply
Kudos to you ...what a win-win-win.
Dad must be proud too! This was not an easy start but a big feather for having vision.
Congrats!