First Single-Family Residence

[Anthony White]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $150,000
Cash invested: $30,000
Sale price: $215,000

First single-family home purchased as a fixer upper while we lived in it.

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

The price was good and we knew we could do a lot of the work while we lived here.

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

We knew the people that lived there and we approached them with an offer. At the time I was also a real estate agent and knew how to do all the contracts so it made it easy to negotiate. The people we purchased it from wanted to build a house and couldn't sell this one, so they wanted out.

How did you finance this deal?

Loans

How did you add value to the deal?

We completely remodeled the kitchen and downstairs.

What was the outcome?

We sold the house for a good profit that allowed us to put a good down payment on our current home.

Lessons learned? Challenges?

Deals are out there and don't be afraid to put some sweat and tears into it. It will pay off.

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

I was a real estate agent at the time.