First real fix and flip

[Samuel Martin]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $50,000
Cash invested: $100,000
Sale price: $224,000

First real fox and flip property where I did not live in it as a primary residence for tax purposes. I never buy property retail

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

$$$

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

MLS property price drop after 30 days listed.
Made lowball offer of 45k and accepted counter offer of 50k

How did you finance this deal?

Cash

How did you add value to the deal?

Finished the basement, fixed structural problem, new windows, new doors, new siding and roofing

What was the outcome?

101k in capital gains!

Lessons learned? Challenges?

It pays to buy when people are afraid to buy due to market conditions (covid in this case)