Our First Fixer Upper

[Christian Norman]

Investment Info:

Single-family residence fix & flip investment in Detroit.

Purchase price: $54,000
Cash invested: $76,000
Sale price: $170,000

This was our first flip. It was a lot of work, but the education we gained was invaluable. We walked away in the green, we met some great neighbors, and we played a part in improving communities!

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

My wife and I wanted to flip this house because we love real estate, we want to be financially independent, and we want to improve communities in the beautiful city of Detroit.

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

We found this deal through the MLS. But because the market was so hot we paid the full list price, in all cash.

How did you finance this deal?

We used a combination of liquid cash and equity we built up through our primary residence.

Lessons learned? Challenges?

My wife and I learned that real estate is not as easy as HGTV makes it seem. Simply put- you have to be willing to work. And as you work you begin to find that the process is so worthwhile! Real Estate is worth it financially, but it's also worth it relationally. Through this deal we learned how to connect with contractors, real estate professionals, and neighbors. In sum, we learned that if our motivation includes love for neighbor more than just the bottom line, success usually follows.

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

We worked with a brokerage called Encore Realty in Allen Park, MI. Our agent Jaime Whitney was awesome. I would recommend her to anyone who is looking to buy or sell.