1st deal I ever made

[Ashleigh Stimpson]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $84,750
Cash invested: $5,000
Sale price: $115,000

3/2 just outside of memphis, that I used an FHA loan on.

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

I wanted to buy a property I could live in for 2 years while I rehabbed the property

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

I used realtor.com to find the property, and paid over asking with the stipulation that they cover closing costs.

How did you finance this deal?

I used a FHA loan through my local bank

How did you add value to the deal?

I changed out lighting, flooring and appliances

What was the outcome?

I net profited 15k on top of living there for free.

Lessons learned? Challenges?

I could have found a property with more room for appreciation

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

I worked with a newer real estate agent to broker the buy and sold by owner, and a personal family friend worked at the bank I used to prepare the loan.