1st flip ever! Olivet, Mi
Investment Info:
Single-family residence fix & flip investment in Olivet.
Purchase price: $75,000
Cash invested: $5,000
Sale price: $144,000
First home bought at 20yrs old, foreclosure property. Bought during huge Michigan recession. Held/Homestead for 5 years, rented for 5 years to family(no profit, lesson learned!!). Sold as market climbed back early spring-summer 2019 after doing light rehab and minor updates.
What made you interested in investing in this type of deal?
First home, bought low.
How did you find this deal and how did you negotiate it?
Local realtor at the time.
How did you finance this deal?
Conventional 30 year mortgage
How did you add value to the deal?
Waited for market to come back, updated flooring, hvac, plumbing, upstairs, and one downstairs bathroom
What was the outcome?
Long hold, 60k profit
Lessons learned? Challenges?
Don’t rent or work with extended family!!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Mark Bensinger, realtor at Coldwell. He was an amazing hustler and great communicator during the process where I was living in Texas through sales process. Highly recommend!