Updated over 3 years ago on . Most recent reply
First Time Home Buyer, First Time Flip!
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $155,000
Cash invested: $24,000
Sale price: $195,000
House was built in 1963 and needed some renovations. Updated the bathrooms and gutted the kitchen. Opened up the wall separating the kitchen and living room and installed a breakfast bar with that space. Installed a much larger counter redid ceiling, floors, all new appliances, etc. Repainted entire house and new flooring in kitchen and bathrooms. Did some landscape work outside.
What made you interested in investing in this type of deal?
Always wanted to get into real estate and wanted to be hands on with my first investment property to learn the ins and outs.
How did you find this deal and how did you negotiate it?
Friend/agent showed me the house and many in the neighborhood were being renovated. Easy in because of the low purchase price.
How did you finance this deal?
Put 15% down from savings, as I was a first time home buyer and took out a mortgage.
How did you add value to the deal?
Renovating the home and updating most everything.
What was the outcome?
Learned a lot, more on the side of hiring help and finding the right contractor to do the work I couldn't, but overall how the process works and what people look for.