My first real estate investment.
Investment Info:
Single-family residence fix & flip investment in Ponchatoula.
Purchase price: $45,000
Cash invested: $30,000
Sale price: $107,000
3 bed 2 bath home. It was built in the 60s. We had to take out a wall, replace all paneling with sheet rock, re shingle the roof, and put in new flooring.
What made you interested in investing in this type of deal?
Ive always been pretty handy and was always looking for new ways to make money.
How did you find this deal and how did you negotiate it?
My moms realtor brought it to her and then she brought it to me.
How did you add value to the deal?
Updating and remodeling.
What was the outcome?
We profited about $30,000.
Lessons learned? Challenges?
Buying the right tool for the job will save a lot of time and effort.