Newbie’s First Project

[Shirley Walker]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $179,900
Cash invested: $20,000

This investment is my first home purchase, my first flip, and my first house hack.

We bought our first home in a great area to live in while we fixed it to gain some positive equity and eventually sell.

We have invested roughly $10k in updated the home. We refinanced in November 2021 and the home appraised at $263,000! We have gained over $70k in equity in about two years.

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

We needed a place to live, we refused to pay rent, and I wanted to break into real estate investing - this house allowed us to hit all our goals.

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

MLS. We didn't do much negotiation. The house was being sold under value and it was a buyer's market. The couple wanted to get rid of the rental property and it needed a lot of cosmetic work, so they priced to sale and we caught it as soon as it hit the market, sight unseen.

How did you finance this deal?

USDA/ FHA