Updated almost 4 years ago on . Most recent reply
First Real Estate Investment
Investment Info:
Single-family residence fix & flip investment in Lansing.
Purchase price: $18,000
Cash invested: $6,000
Sale price: $53,000
Live in flip
What made you interested in investing in this type of deal?
This was a live in flip, sort of.... my husband lived there when we met. I moved in when we got engaged, but it was a little small for the both of us. We bought another primary residence and rented it out for a year. After the tenants moved out, we renovated it and put it up for sale.
How did you find this deal and how did you negotiate it?
My husband found this deal by networking and he negotiated a land contract deal.
How did you finance this deal?
Zero down, land contract (similar to seller financing - monthly payments that go towards the purchase price)
How did you add value to the deal?
Medium renovation, new paint inside and outside, new trim, new water heater, new cabinets, new shower, new flooring, replaced appliances with new/used. My husband and I did all the work since we had more time than capital to complete the renovations.
What was the outcome?
Profit of about 24,000 - plan to use for next investment property
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
James Denbrock - Keller Williams