Our first fix and flip

[Casey Murphy]

Investment Info:

Single-family residence fix & flip investment in Dry Prong.

Purchase price: $48,000
Cash invested: $50,000
Sale price: $125,000

I couldn't find my pics of the house after the work had been finished. These are when it was about 90% complete.

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

I wanted to make some money to pay down my mortgage and increase my heloc.

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

I bid at the courthouse steps. No one bid against me so there wasnt any negotiation.

How did you finance this deal?

I bought the house with my heloc. My parenys funded most of the rehab with a personal loan. Towards the end my grandparents loaned us 10k. We paid them back 11k.

How did you add value to the deal?

We put a new roof and new finishing in the whole house.

What was the outcome?

We profited around 35k which we split evenly.

Lessons learned? Challenges?

It took a really long time. I did a lot of the work myself. I learned that I really hated doing drywall. We sub it out now.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Our lender, Colfax bank, was great.