Updated over 6 years ago on . Most recent reply
Renovating a dream home
Investment Info:
Single-family residence buy & hold investment in Minnetonka.
Purchase price: $200,000
Cash invested: $50,000
Sale price: $440,000
Purchased and renovated this 5 bedroom 3 bathroom home on 1.5 acres in Minnetonka, MN. Refinanced for $440,000 (over $240,000 in equity!)
What made you interested in investing in this type of deal?
We were looking for a home we could make our dream home in a great school district with over an acre of land
How did you find this deal and how did you negotiate it?
I got a non MLS networking email at 6am and was viewing the home by 7am then put in an offer at 8am !
How did you finance this deal?
Conventional financing 5% down then refinanced once equity had been added.
How did you add value to the deal?
renovated the kitchen, bathrooms and bedrooms. Added a mudroom and sunroom.
What was the outcome?
over $240,000 in equity
Lessons learned? Challenges?
Work with great local contractors who can get a job done right the first time and stick to your budget & timeline.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes I am a real estate professional. We used a professional lender and contractor
