Updated almost 5 years ago on . Most recent reply
First Flip in OH Home Run
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $22,000
Cash invested: $52,000
Sale price: $175,000
First investment property located in Salem, OH. Pre-manufactured ranch style home. I purchased the home in mid January for $22,000 and invested an additional $30,000 in rehab costs for material and labor. The property was gutted down to be completely restored. I personally designed the newly renovated home with trendy "Modern Farmhouse" concepts. With the help of a trust worthy contractor and agent this project was overall smooth sailing. Getting the original owner to except offer took time, and there were a few unexpected costs during the rehab as well as a few mishaps during the inspection for buyers. The house sold within hours of being on the market. I have no previous experience in investing, but I believe my design and networking skills made my first flip project such a home run.
What made you interested in investing in this type of deal?
Fixer Upper Appeal
How did you find this deal and how did you negotiate it?
Direct to seller
How did you finance this deal?
Personal cash
How did you add value to the deal?
Add equity through rehab
What was the outcome?
6-Figure Profit
Lessons learned? Challenges?
Any condition home has the potential to be a great investment
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Keller Williams
