Updated about 4 years ago on .
Our first house live in fix and flip
Investment Info:
Single-family residence fix & flip investment in Lakewood.
Purchase price: $300,000
Cash invested: $45,000
This house was the ugliest on the block, but we saw it had good bones. We have done a ton of yard work, new paint inside and out, refinished hardwoods, new windows, grounded all the electrical, new roof, remodeled both bathrooms and updated the kitchen. Next will be a deck in the back and fixing the garage. It’s been a process and a rewarding first project.
What made you interested in investing in this type of deal?
We feel into it while needing a new home for our growing family.
How did you find this deal and how did you negotiate it?
Found this on Redfin and viewed it the day it came on the market. We wrote our love letter and were the only “non-investors” who made an offer. We are still working on it….next step now that the basement is finished, maybe Airbnb the two bedrooms downstairs?
How did you finance this deal?
Private loans and a traditional mortgage
How did you add value to the deal?
Sweat equity as mentioned in the description.
What was the outcome?
After six months (originally appraised at 312k), we did a refi and dropped the PMI and got cash out to repay our private loans. It appraised at $430k!
Lessons learned? Challenges?
It’s worth it to put the work into it. We are very fortunate to be handy and have handy friends!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Greg Powers Jr was an amazing helping us with our mortgage and refi.
