Fix and Flip

[Kayte Flyte]

Investment Info:

Single-family residence fix & flip investment in Vertrees.

Purchase price: $335,000
Cash invested: $80,000
Sale price: $510,000

Bought my first home as a fixer upper and lived in it through the renovations. Once the renovations were done I sold and bought a new fixer upper which I am currently working on.

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

I have always been drawn to bringing life back into homes that have been through tough times. Seeing and then realizing the potential in a property that has been neglected brings me so much joy. That, and I couldn't afford to buy a home that wasn't a fixer upper in the Bay Area of California lol.

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

I used a realtor and Zillow to find this house and ended up paying more for it than it was worth because the market was hot. I've learned a few things since then.

How did you finance this deal?

Conventional mortgage.

How did you add value to the deal?

Sweat equity and a lot of creative designing to make the small spaces flow well.

What was the outcome?

A beautiful property that sold within 5 days.

Lessons learned? Challenges?

Don't buy a house infested with cockroaches and mice and expect to live in it immediately with any ounce of comfort. Trust your gut because it pays off in the end.

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

Wendy Ramer has helped me navigate the purchase of 2 homes and the sale of one and was flawless through the entire process. She is extremely patient and knowledgeable, and I would most definitely recommend her!