My first fix and flip that I didn't live in.
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $16,000
Cash invested: $68,000
Sale price: $113,000
My first deal that wasn't a live in flip and if it could go wrong it did. I learned a lot about obtaining the money to fix it up after I purchased it with money I pulled out of my home. It took way longer than I planned and too many things went wrong like the well failing after winter. But I walked away with a profit and a LOT of learning!!! I call that a win for my 1st time.
What made you interested in investing in this type of deal?
I love investing in homes that need repair. I feel that I get to restore not only a home but part of a neighborhood.
How did you find this deal and how did you negotiate it?
My realtor found it on the market for 24k and I put in a offer for 16k cash and they accepted within hours...
How did you finance this deal?
I took the 16k out of a HELOC on my personal home. For the repair costs it took my about 5 months to get loan through a local bank.
