Main Street House Deal #2

Shorty Story:

Main Street House is a two unit property that we are currently house hacking! We also brrrr’d the property meaning we bought, rehabbed, rented, refinanced and repeated by purchasing a second duplex with the sweat equity we created.

Main Street House was a HUD foreclosure we found while searching for another flip but couldn’t pass up on the income producing opportunity from the one bedroom apartment above the garage, it just made so much sense to have a house to live in and have a tenant help pay our living expenses! (And this was all before I discovered BiggerPockets!)

Main Street House was originally a 3 bedroom 1 bathroom home but from the moment we saw the house we knew it could be so much more. We converted the attic space into a master suite and added a dormer for a luxurious master bathroom. So now we’re in a 4 bedroom 2 bathroom home and added an additional 450 sqft of living space!

Main Street House Continued… 1 Bed 1 Bath Apartment

Like I mentioned above, Main Street house also has an apartment above the garage. We extensively remodeled it and it rented within a few days and has been rented ever since.

Apartment Stats:

1 Bedroom, 1 Bathroom, 500 sqft, washer and dryer, 2 off street parking spaces

Purchase Price + Closing	$111,000
Rehab & Holding Costs	$55,000
Refinance Fees. Etc.	$5,000
ARV (from Appraisal)	$268,000
Equity Created	$97,000
Cash out Refi (65%)	$175,000

We are also in the process of getting a HELOC on Main Street House. As owner occupants we can take up to 80% loan to value and with all this recent pandemic stuff, people smarter than me are saying to try and secure capital to be prepared for whatever happens in the future.

So while we don’t currently have plans for the HELOC money, it’ll be nice to know it’s there if we need it.

Grosstown Fixer Upper

Short story:

This was the first home Todd and I flipped together and we did about 90% of the work ourselves. We were also still doing jobs for clients while flipping so it took us 6 months to actually finish the flip!

But the timeline took this flip into the worst time of year to put the house up for sale so we decided to rent it out for the winter and we became a landlords for the first time!

When we put the house up for sale at the beginning of April, we had multiple offers within three days and walked away happy.

House Stats:

Single Detached, 3 Bedroom, 2 Bathroom, 1,368 sqft, 1 Car Detached Garage, .16 Acres.

Mansion Fixer Upper

Short Story:

I’ve been helping my parents flip houses for as long as I was able to hold a hammer. Neither one of my parents flipped houses as a career but they flipped one or two a year as a side project (and side income!) This was one of the homes I helped them extensively on and was incredibly proud of all the work we did.

If you could only see what it looked like inside… well you can by clicking here, on the picture, on the work Mansion above. This particular home was a “hoarder house” and although it wasn’t the worst we’ve ever seen, it took three full dumpsters to remove all the stuff in the house before we could even get started on demo!