First Investment Fix and Flip
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $140,000
Cash invested: $3,500
Sale price: $189,500
This is an old victorian farmhouse on a bluff overlooking Lake Michigan. I lived in it and had renters while I was working on it. Since I was working full time on an oil rig out of state I only worked on it when I was home.
This was a relatively easy flip that included major cleanup, refuse removal, replacement of rotted wood around windows, eaves, siding, and porches. The roof required a tear off, repair, and replacement. Cosmetically it required a facelift with paint inside and out.
What made you interested in investing in this type of deal?
I was working full time on an oil rig out of state but wanted something to do with my time and money. So I invested in this house to live in it, have room renters to cover the mortgage, and work on it when I was home.
What was the outcome?
The house paid for itself with the renters and a place for me to live. Plus I made a profit.
