Finally doing my profile!

[Dan Olson]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $50,000
Cash invested: $50,000
Sale price: $200,000

Bought a house to flip with no real plan. Flipped it quickly and sold it 3 times with financing falling through all 3 times and realized I needed a place to live so I moved in. Lived there for a while, did some additional work and sold it later for a much nicer profit than originally expected and had a nice place to live in the mean time.

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

As a contractor, the work needing to be done was not intimidating and I liked the idea of making a profit while working with myself as the "customer."

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

I was shown this deal by my friends that have since become very successful real estate investors.

How did you finance this deal?

Cash

How did you add value to the deal?

I did a rehab that was of much higher quality than any of the other "fix and flips" I have seen done in this market due approaching it as a professional contractor.

What was the outcome?

Affordable housing for several years in a nicely finished house and a very nice profit upon exiting.

Lessons learned? Challenges?

Time of ownership can equal profitability.
I wish I would have done a cash out refinance it and kept it as a rental.