1st flip success story

[Jared Toelke]

I intend to buy and hold rental property's, I discovered my area is difficult to cashflow. However! While I was figuring that out I ran into a couple local DEALS. I decided a flip would help me get my feet wet and Id learn a lot from that process. Along with adding a nice chunk to my investment funds.

I was able to purchase a foreclosure off the mls this fall for 106k. Got a private loan for the 106 and did the reno out of pocket. I had come up with an ARV of 200k. After purchasing I realized it really needed new siding and windows, doing this would cost 12k yet should bump the ARV to 215-220k, worth it. 12 weeks and 40K later(hired two carpenters for 6 weeks and did 200 hours myself) it was ready for the market. A market that had come up around 12%! I went under contract in two weeks for 247k.

Good luck out there!