Old home Brought Back to life

[Johnathan Tristan Mathis]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $60,000
Cash invested: $80,000
Sale price: $209,000

Im not good at this type of stuff, but a brief desciption of the property and what we did. It was an older home from the 1950s we had to replace elctric plumbing and all dry wall etc. this house was a complete gut but we didnt buy it knowing that. It took us around 20 months to turn this property around.

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

It was my first deal and it seemed simple at first.

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

We bought on foreclosure from a bank. not much negotiating because it was an auction.

How did you finance this deal?

Cash and one loan from my brother is how we financed the deal.

How did you add value to the deal?

Complete rehab.

What was the outcome?

A good solid profit but not enough to justify 20 months of work.

Lessons learned? Challenges?

Allows buy low and get an inspection if possible

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

I worked with one comtractor that was able to make the rehab way easier.