Durham House Hack & Flip

[Abigail Veit]

Investment Info:

Townhouse buy & hold investment.

Purchase price: $225,000
Cash invested: $13,000

Flip & House Hack. Currently living in the property with two roommates covering PITI payments.

Found this 3 bed, 2.5 bath townhome through a realtor on Zillow. Leveraged someone from my family to put in a cash offer. After closing, I put in new kitchen appliances, new cabinets, countertops, replaced upstairs carpeting with LVP, and did some work in the crawl space. After renovations, I purchased the house with a conventional loan back from the cash offer individual with 3% down. I've been living in it since and renting out the two remaining rooms. Plan to keep it as a long-term rental and will most likely keep it as rent by the room if I move out since the area is convenient to RTP and Duke University for young professionals/students. 

Monthly payments for mortgage & HOA: ~$1400
Monthly rent received: $700/room so $1400 plus split utilities 

[Tim McGarvey]

Congrats @Abigail Veit sounds like a great project.