Live In Flip and Sell #1

[Nick Belsky]

Investment Info:

Single-family residence other investment.

Purchase price: $210,000
Cash invested: $10,000
Sale price: $285,000

Updates completed in this home all by my wife and I unless noted:

New Roof - Contractor
Cedar Garage Doors - Contractor
Painted Exterior
Painted Interior and Design
Walkway to Pool
Plaster, Prime, Painted Pool
Barn Doors and Accents
Cedar Stairway
Window Treatments
Hand Built Cedar Fencing - Contractor
Theater Room Wiring and Sound

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

Originally, it was to be a long term home that we lived in. As we began upgrading and realizing the abnormal appreciation rates in the area, we decided to treat it as an investment.

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

Normal method of Primary Residence Purchase.

How did you add value to the deal?

All the work we did to it! My wife and I enjoyed spending time together working on these items. We added both intrinsic and cosmetic value to the home.

What was the outcome?

Very good return on an unintended investment.

Lessons learned? Challenges?

Thanks to Youtube for all the videos on how to do various repairs on our own versus using contractors. Each repair didn't end up perfect and had to be completed through trial and error. We were very happy with the end product as were the buyers.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Absolutely! I worked with two excellent realtors and several contractors who not only did amazing work, but were reasonably priced and willing to teach me how to do the work as well.