Updated about 4 years ago on .
Fix N Flip turned Buy N Hold
Investment Info:
Single-family residence buy & hold investment in Colorado Springs.
Purchase price: $108,000
Cash invested: $40,000
This was a foreclosure turned fix n' flip turned buy and hold. We ended up spending more $ than anticipated on our first flip so we decided to long term rent it. This one has been a super strong earner but we are getting ready to sell it and buy two properties to increase our long term equity hold. We are willing to forgo large monthly cashflow today for strong equity build over time.
What made you interested in investing in this type of deal?
Buying foreclosures to fix n flip was fascinating and exciting.
How did you find this deal and how did you negotiate it?
Found this deal without an agent; ultimately the agent ended up taking commission as a transaction broker and I would have been better served by having an agent represent me.
How did you finance this deal?
Bought, renovated, refinanced, rented and now getting ready to sell and buy two more!
How did you add value to the deal?
Sweat equity baby
What was the outcome?
Awesome equity and monthly cash flow
Lessons learned? Challenges?
First times are hard. This was a first fix n flip. It took more time and money than we thought. That slowed us down on investments for a bit but we didn't stop.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes. Absolutely.