Updated almost 5 years ago on .
First home, cash deal - Beginning my FI journey
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $30,000
Cash invested: $20,000
2 bedroom, 1 bath, 1200 Sq Ft ranch home, 2 car garage, detached garage, fenced yard.
Will get new appraisal this year after repairs are completed. Hoping to be appraised for $90,000.
What made you interested in investing in this type of deal?
I'm a carpenter for a remodeling company and was able to do all the repairs myself. Still needs a bit of work before it's ready to either sell or rent, but it will be ready this year! Looking forward to getting ideas on the best direction to go from here.
How did you find this deal and how did you negotiate it?
HUD house, put in offer at minimum bid offering of $30,000 and got it!
How did you finance this deal?
Got an interest free loan from my father-in-law and will be paid off next January 2022.
How did you add value to the deal?
Self-performed all repairs.
What was the outcome?
Final outcome is yet to be determined. Still living in property until next year.
Lessons learned? Challenges?
This house needed quite the overhaul. New beams and piers, HVAC ductwork, subfloor, laminate flooring, kitchen cabinets, bathroom gutted and redone, sump pump w/ french drain, the list will go on for awhile.
Challenges were immense in the beginning. I did everything and many things I had never done before. It taught me basically to become extremely well rounded in what I could do and more importantly that I can do anything if only faced with the necessity.