First Live in and Flip

[Scott Kolsto]

Investment Info:

Condo buy & hold investment in Frankfort.

Purchase price: $75,000
Cash invested: $5,000
Sale price: $110,000

Our first owned home, which needed cosmetic work. Ultimately, forced to sell due to an illness.

What made you interested in investing in this type of deal?

This was a safe underpriced opportunity that needed little work. It was a perfect starter home.

How did you find this deal and how did you negotiate it?

I was a Realtor at the time and scoured the MLS for investment opportunities.

How did you finance this deal?

The deal was financed through a bank.

How did you add value to the deal?

Value was added through painting, new carpet, $200 in insulation, which cut the gas bill by $100/ month. It was a second floor condo and the railing around the stairs was not baby friendly, so it was replaced by a wall about 3-4 feet high. The stairs made a 90 degree right turn. A strong removable wall was built to allow moving large furniture and appliances in and out.

What was the outcome?

We made some money, but due to the illness, I was out of the real estate game for a year.