Updated over 3 years ago on . Most recent reply
Great return for a fist investment
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $85,000
Cash invested: $1,500
Sale price: $129,950
This is was my first deal i was renting it for $1000 a month and the previous owner had updated all the appliances new kitchen floor and refinished the hardwoods with custom blinds throughout the house I approached the owner wanting to buy he agreed I bought it for 85000 I paid $68 down the seller paid the closing costs and I got a grant for the down payment I lived in the property for 2 years and sold it for 130000 with just painting the interior and exterior making custom trim work
What made you interested in investing in this type of deal?
I was interested in real wastage and this was a great opportunity when I bought and sold
How did you find this deal and how did you negotiate it?
I worked with a my father’s business partner
How did you finance this deal?
Conventional 30 year fixed
How did you add value to the deal?
Just a basic refresh
What was the outcome?
A 40,000 dollar profit
Lessons learned? Challenges?
I had planned to keep it as a rental but looking at the market it made more sense to sell
