1st deal I ever made
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $84,750
Cash invested: $5,000
Sale price: $115,000
3/2 just outside of memphis, that I used an FHA loan on.
What made you interested in investing in this type of deal?
I wanted to buy a property I could live in for 2 years while I rehabbed the property
How did you find this deal and how did you negotiate it?
I used realtor.com to find the property, and paid over asking with the stipulation that they cover closing costs.
How did you finance this deal?
I used a FHA loan through my local bank
How did you add value to the deal?
I changed out lighting, flooring and appliances
What was the outcome?
I net profited 15k on top of living there for free.
Lessons learned? Challenges?
I could have found a property with more room for appreciation
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I worked with a newer real estate agent to broker the buy and sold by owner, and a personal family friend worked at the bank I used to prepare the loan.
