Our first introduction to real estate investing
Investment Info:
Single-family residence fix & flip investment in High Point.
Purchase price: $124,000
Cash invested: $10,000
Sale price: $182,000
This was our first flip! We purchased it as our primary residence. Renovated it (mostly ourselves) and put it back on the 2 years later. After closing costs and commissions we walked away with a profit of over $35,000!
What made you interested in investing in this type of deal?
My wife and I wanted to get started flipping houses, so we figured our first house together would be a good trial run.
How did you find this deal and how did you negotiate it?
It was a foreclosure. My wife found the deal and we hired a friend/coworker of mine to represent us as our realtor. We also used a first time home buyers grant to cover the down payment and closing costs.
How did you finance this deal?
Conventional loan
How did you add value to the deal?
New appliances, new flooring, upgraded all of the bathrooms, kitchen, light fixtures, etc.
What was the outcome?
Profit of over $35,000.
Lessons learned? Challenges?
It’s definitely difficult and time consuming to do most of the work yourself. And if you don’t have the right tools or experience, you can turn a small quick job into a big and very long job. I definitely plan to use contractors for most of the work in the future. But it was a good experience.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, I currently worth with Jeffery Clay in the Charlotte area. He is a really good agent.