First Fix & Flip

[Spencer Bryant]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $92,900
Cash invested: $8,000
Sale price: $131,100

First fix and flip that got me into the general contractor world

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

The opportunity to make a profit

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

Searching online for a place and it was a foreclosure so not much to negotiate

How did you finance this deal?

FHA loan

How did you add value to the deal?

Replacement of flooring and painting interior. New appliances

What was the outcome?

Made a profit once sold and moved on to the realm of becoming a general contractor

Lessons learned? Challenges?

Lessons learned for timing the market on selling and understanding when to hold out till they change. Challenges from unforseen issues onc the old floor was removed and fixing a leak in the roof

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

Sherry McManus from Caldwell banker helped me along with Mary Smith and Sharon Swanson