2/1 Starter home live-in flip

[Account Closed]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $104,000
Cash invested: $20,000

Purchased as a starter home. Was in fair condition. Dirty, outdated. Original hardwood floors needed to be redone. Bathroom was a complete renovation. Updated kitchen. New roof, furnace, landscaping and finished basement bedroom.

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

Within our price range, opportunity for sweat equity. Cheaper then rent.

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

Open market.

How did you finance this deal?

Conventional

How did you add value to the deal?

Paint, flooring, new bathroom and kitchen. New roof and furnace.

What was the outcome?

Successful sale, and the desire to do another.

Lessons learned? Challenges?

Fix things right the first time, ran into corrections pre sale that could have been avoided. Don't trust a home inspector to catch everything. Don't leave anything in cabinets that can't come out after countertops are installed.