A couple who flipped a house for profit have recently drawn attention online because their home was just a shed when they first bought it. Nick and Meghan Lucido bought a shed from Home Depot for around $27,000 in 2019. After renovating it and living in it for around a year, they sold it for a profit – and used the money to build a house traditional.
They posted about their home on social media and the story went viral on TikTok. Viewers were mesmerized by their shed and how they not only turned it into a home, but made a profit from it.
A few years ago, they were just two young professionals in Georgia who were “keeping up with the Joneses,” Nick said. “The story begins with us racking up debt that we didn’t want to get into,” he said. After having their son, they decided to save money by selling everything and moving into an RV.
They paid off $82,000 in debt by making the move and were able to purchase new property and begin building their dream home in the mountains of North Georgia. But they were tired of living in the RV, so in the meantime, they decided to buy and renovate a shed from Home Depot. They set up the shed on the eight acres of land they had purchased for their new home.
“It was just a shell,” Meghan said.
“We bought our code book, we met with local law enforcement, we did whatever needed to be done to convert it into a home,” Nick said.
The couple had renovated their old home and, with Nick acting as general contractor, learning mostly from YouTube videos, they transformed the shed into an 860 square foot two-story home. It has functional plumbing, a bedroom and a terrace.
“It was very radical and extreme, but we wouldn’t have it any other way,” Nick said. They invested around $60,000 to turn the shed into a livable home.
“A home is really just a place where you can rest at night and just recover and recharge,” he said. “We didn’t spend a lot of time indoors. When you have eight acres in the middle of the woods, you have some freedom to do whatever you want.”
At first, the Lucidos planned to live in the shed as they built their new home on the same property, but when the pandemic hit, they saw an opportunity to sell.
House priceswith Florida cities Miami, Orlando and Tampa seeing some of the . Prices in San Diego, Charlotte and Atlanta also climbed.
“A lot of people told us we should get Airbnb out,” Meghan said. “It was kind of like, ‘Let’s just make the list and see what happens.’ And we got a lot of hits on it. It was like, ‘Oh, maybe people like that.'”
During the pandemic, Americans have decided to leave the cities and try more suburban or rural areas. Nearly 4 in 10 city dwellers are considering moving to a more rural area due to the COVID-19 outbreak,In New York alone, more than 333,000 people had left the five boroughs by January 2021, data obtained by CBS New York.
“I think it was an ideal space and with the market the way it was at the time, people were fleeing Atlanta and the metro area and people wanted some privacy and seclusion and I think this property has brought a lot,” Nick said.
Not only did the market favor sellers, but the little house was not so small. The average apartment in Atlanta is 971 square feet, and in New York the average is 702 square feet, according to Rent Cafe. Additionally, the tiny house came with over eight acres of land.
So the couple sold it for $312,000 in April 2021, after living there for just over a year. They made about $225,000 in profit and used that money to build their new home on another lot, temporarily moving into an apartment as it was under construction.
In 2021, the average home price in Cumming, Georgia, where the property was located, was $374,000, according to Zillow — that doesn’t take into account lot size or number of bedrooms. The average cost of homes in the area has increased since then,
Right now, the average price per square foot for homes in Cumming is $203, according to Realtor.com. When the Lucidos sold their home, they got around $362 per square foot.
“There’s so much to unpack in this story, and I think our story isn’t unique in the sense that people are hurting. People are burdened with debt and the daily weight of life,” said Nick. “So I think our history of debt, how we were probably one of the very, very few to sell pretty much everything we own – including furniture, I mean we sold everything – I think that there is some inspiration there that there is light at the end of the road.”
The couple didn’t expect their story to go viral again this month after first posting to the shed in 2020, but “TikTok’s algorithm picked it up and worked with it,” said Nick.
“It’s a bit of a weird time…but with the economic situation people are in right now, it’s probably extremely appropriate for people to hear the behind-the-scenes story,” he said.
The only thing they regret: “We should have done it sooner,” Meghan said. Although they are happy to have moved into their new construction, the couple said they would not rule out flipping a house again.