First Investment Flip Property - Prestwick Grove SE

[Raman Gill]

Investment Info:

Single-family residence fix & flip investment in Shelby.

Purchase price: $290,000
Cash invested: $70,000
Sale price: $364,000

This was our first Flip property, didn't really make much but ended up learning a lot. Gained new experiences/ lessons for the next flip. Details on the property were that we first bought the property as a foreclosure that was in need of a full gutting. Replaced the flooring, kitchen, cabinets, washrooms, trim, popcorn ceiling to knockdown, furnished the basement and landscaped.
Location: McKenzie Town, Calgary, Alberta

What was the outcome?

We initially estimated the whole project to take a month and half but ended up taking 4 months. And it took an additional 4 months to sell the property.