Polished Turd Shines

[Victor Herman]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $60,000
Cash invested: $1,200
Sale price: $60,000

The very first home I ever bought was a foreclosure. Boy was it a turd. It was my turd. I polished it up with my own elbow grease. When I bought this from the bank they gave me a check for $1200. Bingo. Grinding it for about 3 years I built equity and I was able to pull out $6,000 to use as a down payment for my first rental. It all started with my first turd.

I did sell in November 2019 for asking price in 1 day.

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

Bank owned foreclosure

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

Friend found on bank website

How did you finance this deal?

Bank financed

How did you add value to the deal?

Flipped over 7 years. Lol

What was the outcome?

Able to sell after appreciation and refinanced twice to buy first rental and a nicer primary home.

Lessons learned? Challenges?

Pay for a professional to do the work as soon as you can afford to.