$48,000 Profit in 22 days! Our 1st Flip
Investment Info:
Single-family residence fix & flip investment in Knoxville.
Purchase price: $146,260
Cash invested: $2,000
Sale price: $195,000
Our 1st Flip!! We bought it on Auction.com without having access to view it. We put $600 into it, we painted 1 wall and added a backsplash then listed it for $195,000 and sold it within 2 hours on the market.
What made you interested in investing in this type of deal?
It was our 1st time buying a house to flip, I was looking at auction.com and messing around with the preauction bidding. Turns out, if you submit a number that is acceptable to the bank's range that they will review it and you can buy it before it goes up for auction.
This was in 2016 and they actually don't have that option anymore but it was really cool to use it while it was available.
How did you find this deal and how did you negotiate it?
Auction.com, got it by doing the pre auction bidding.
How did you finance this deal?
We used private money to buy it. Our holding costs, closing costs, repairs and everything was around $2,000
How did you add value to the deal?
We cleaned it, added a backsplash, and painted 1 wall.
What was the outcome?
We listed the house and it sold with multiple offers in 2 hours! We closed on it in 20 days later.
Lessons learned? Challenges?
We got lucky, every flip will not be like this. BUT, IT SURE DID PUMP US UP!!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, I was the Realtor!
