Fix-Flip and Hold Residential Home

[Jake Dilly]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $600,000
Cash invested: $70,000

We bought this home with the intent to live in it. As of now, we are currently still residing in it. We purchased it at $600k after it was reduced $50k. We currently estimate it to be worth $875-$900K after doing a full remodel to it.

What made you interested in investing in this type of deal?

It was the only property in a highly sought after neighborhood. It was priced low and seemed the market would continue to increase over the next few years.

How did you find this deal and how did you negotiate it?

MLS. We waited for the seller to lower the price of this property. Once they did we jumped on it.

How did you finance this deal?

FHA.

How did you add value to the deal?

Fully remodeled the home from top to bottom.

What was the outcome?

We increased the value by over $200k.

Lessons learned? Challenges?

Remodeling a property is extremely strenuous and should only be done when an individual is truly ready. Be prepared to run into many roadblocks along the way.