First real estate property ever - renovating for sale by owner.

[Richard Sanders]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $86,000
Cash invested: $60,000

Finishing full renovations soon.

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

Have LONG desired to renovate and flip houses, intend eventually to develop held rentals or installment sales.

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

Inherited interest in the home, invested for sole ownership.

How did you finance this deal?

Personal savings, credit cards.

How did you add value to the deal?

Sweat equity.

What was the outcome?

Will be ready to sell early 2024

Lessons learned? Challenges?

Now we know 'how' to do nearly everything in a reno ourselves, so we know not to do this extent ever again if possible, and will be informed investors going forward.

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

Not yet - everything ourselves so far on this first house.