First House Flip

[Christina Haws]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $40,000
Cash invested: $40,000
Sale price: $118,000

House flip that was originally going to be a long term rental. We decided to sell it instead of renting it out.

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

We were interested in this one because we could purchase it for a low price.

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

Found the lead for this house through Bigger Pockets.

How did you finance this deal?

We got a Home Equity Loan to finance this deal.

How did you add value to the deal?

We put a new roof on the house and fixed up the inside.

What was the outcome?

We sold the house 9 months later.

Lessons learned? Challenges?

We learned a lot on this first deal. We did not vet our contractors very well. We ended up having to fire them, after we gave them all the allotted money. We had to hire a new contractor and pay them just as much money as we did with the first contractors. We originally planned to fix up the place and then keep it as a rental, since we put more money into the deal then intended, we decided it was best to sell it.

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

No