Single-family residence fix & flip investment.
Purchase price: $10,500
Cash invested: $40,000
Sale price: $115,000
This was my wife and I's first house. I owned my own construction business at the time and she was a full time nurse. We paid cash for the house and slowly fixed on evenings and weekends. We invested money we had saved for the rehab making the house livable for us. Once it was livable we moved in and continued to button things up for another year. We eventually had a baby on the way so we found a place in the country we liked and decide to sell after being there for 4 years.
How did you find this deal and how did you negotiate it?
I saw the real estate agent putting his sign in the yard and told him I would do 10,500 cash. They were asking 15,000
How did you finance this deal?
How did you add value to the deal?
I completely gutted and rehabbed the entire house.
What was the outcome?
My wife and I had a nice home to start our marriage in and we made a good amount of money to put towards our next house.
Lessons learned? Challenges?
I would hire more subcontractors and not do everything myself. It added a lot of stress to our lives because of the amount of work that needed be done.
Free eBook from BiggerPockets!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you