All Forum Posts by: Jerrid D Chapman

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $214,000
Cash invested: $40,000
Sale price: $320,000

Bought a house built in 1879. House was in great structural shape, just needed a LOT of updating and TLC. Bought and updated the house over 4 years and used as our primary residence. Sold in 2024 for a decent profit.

What made you interested in investing in this type of deal?

This house had so much potential, but the previous owners did not let the true beauty of this house shine through. Because we bought the house right at the beginning of the pandemic, decided to make it a project while using it as our primary residence. Gave us a project right in our own residence. Turned out to be a fantastic opportunity, and we used the sale of this property to jumpstart our dream move to Florida.

How did you find this deal and how did you negotiate it?

Got lucky by finding this property right before the owners pulled it off the market. Everyone else saw nothing but work and that made them stay away, where we saw the potential. Was able to get a good deal because it had been on the market for almost a year.

How did you add value to the deal?

The house was in fantastic structural shape. Mainly just cosmetic changes....a lot of wallpaper removal and creative painting schemes to make the house much more appealing to buyers. The largest expense was replacing the 140 year old windows.

What was the outcome?

This house was an extremely easy sale, with a great profit. Was also a great decision to make it our covid residence, therefore saving a lot in taxes.

Lessons learned? Challenges?

We probably went overboard with the creative changes for an investment house. But since we were using it as our residence and had a lot of time during the pandemic, we just kept going.