My first success (thank you bigger pockets)!
Investment Info:
Townhouse fix & flip investment.
Purchase price: $415,000
Cash invested: $15,000
Sale price: $564,000
I bought this fixer up after saving every cent I could for a down payment. Did a 30-year fixed loan. Rehabbed the home. Turned the basement into a rental property while living upstairs. Got into a few issues there since it was during covid and it was my first time but on the flip side I was able to refinance down to 2. something percent. Sat on the property for a few while collecting rental income. My first flip has successfully sold last week! Thank you Bigger pockets.
What made you interested in investing in this type of deal?
My brother gave me a Bigger pockets book and I opened it up one day and here we are!
How did you find this deal and how did you negotiate it?
I found this deal on my own after searching over 30 plus properties.
How did you finance this deal?
FHA 203k rehab loan
How did you add value to the deal?
Made improvements to the home with the help of the rehab loan
What was the outcome?
Roughly 100K in profit!
Lessons learned? Challenges?
I would have chosen a less expensive home to start. I wish I had a clearer vision on if I wanted to rent or only flip when purchasing the home. If I knew I had planned to rent from the jump I would have gotten a home with less things to fix. I wish I looked more into rental laws in DC more in advance because there are lot of nuances
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes