First Fix and Flip Property

[Lony Dorce]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $100,000
Cash invested: $500

Purchased using Conventional Mortgage. Fixed the property and am currently living in it until I get ready to sell or rent it.

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

I purchased this property to fix and live in until I am ready to sell or rent it. The property is in a high-demand area in Jacksonville.

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

I found this property on MLS listed for $115,000. The original owner had passed away and left it to her children. They were not occupying the property and wanted to get rid of it. The property appraised at $110,000 at the time of purchase, with an ARV of $157,000. The house had a brand new roof, new HVAC, updated plumbing and electrical. I offered $100,000 and they accepted.

How did you finance this deal?

Conventional loan with $500 binder down and Florida bond program paid $15K for closing costs and down payment.

How did you add value to the deal?

I did full interior renovation, landscaping and installed brand new privacy fence with a total rehab cost of $6,500.

What was the outcome?

Current ARV is $157,000. Once the property sells, hopefully profit will be around $50,000