Updated about 11 hours ago on .
My 1st flip!
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $30,000
Cash invested: $63,000
Sale price: $138,000
The house was horrid, as they usually are. Strong pet urine odor, had to cut out the first 18 inches of drywall and most of the sub-floor to get rid of the smell. The house layout was weird and was listed as a 3/1. We moved most of the walls to make a master with an en suite to turn it into a 3/2.It was my first flip and I made money which was a pleasant surprise. I absolutely went into the deal assuming I would break even and learn a lot of lessons. Turns out you can learn AND make money!
What made you interested in investing in this type of deal?
Faster cash to use for investing in more buy and hold properties.
How did you find this deal and how did you negotiate it?
Found the deal on the MLS. Simple negotiations with the owner who just wanted to get rid of it because the scope of work was outside their ability.
How did you finance this deal?
This was bought with our own money.
How did you add value to the deal?
We updated every mechanical, new roof, resurfaced the basement and added a bath.
What was the outcome?
The house was sold 6 months after purchase with a $45,000 profit before fees.
Lessons learned? Challenges?
Some of the walls were thinner than normal, around 3 inches. In order to add doors, we had to do bump-outs. These are the types of things you don't normally look for. I've learned to really look at everything. Sometimes you may feel rushed when looking at a property but it's a huge investment, take your time.