Norcrest first live in flip

[Fernie Acevedo]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $395,000
Cash invested: $25,000
Sale price: $535,000

Purchased our first home and remodeled the kitchen, stained the floors, painted the interior and replaced the roof.

What made you interested in investing in this type of deal?

This was our first deal but was always going to be an investment or flip. Walking into the property I could see what minor changes I could do to make it look better.

How did you find this deal and how did you negotiate it?

My wife had seen it and I passed on it the first time she told me about it. Once she convinced me to see it, I fell in love with it.

How did you finance this deal?

FHA Loan.

How did you add value to the deal?

Remodeled the kitchen, stained the original floors, painted the interior, added landscaping and concrete to the yard and replaced the entire roof.

What was the outcome?

Project came out beautiful and wanted something a bit bigger. Decided to sell which I regret doing.

Lessons learned? Challenges?

Lessons learned, I wish I would've never sold it! Challenges we had was the location and parking surround the neighbors.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My wife was my agent, Marysol Esqueda from EXP Realty.