Our First (Accidental) Flip

[Nicholas Bastianelli]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $104,000
Cash invested: $2,000
Sale price: $119,900

This condo was our first (accidental) flip. We purchased low at 104k and did very small renovations - paint, cleaned all carpets thoroughly, updated fixtures, put in Corian countertops and did white subway tile backsplash. After all was said and done, we profited a little over 16k on this live-in flap after just over two years of residence.

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

This deal was an accident and one of the first things that piqued my interest in real estate investing.

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

We worked directly with a real estate agent and found the listing on the MLS.

How did you finance this deal?

5% down on a conventional loan.

How did you add value to the deal?

We repainted, updated fixtures, replaced old countertops with corian, installed white subway tile backsplash, updated furnishings in home, cleaned up landscaping and added some flowers.

What was the outcome?

We profited a little over 16k on this deal after just over two years of residency.

Lessons learned? Challenges?

I learned that we needed to get into real estate investing! LOL.