Our first house-hack fix & flip

[Rita Maria Da Silva Collado]

Investment Info:

Single-family residence fix & flip investment in Miami.

Purchase price: $225,000
Cash invested: $15,000
Sale price: $283,000

My first Fix & Flip. House hacked. Purchased as a single mom.
Whoo hoo!

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

I didn't want to continue renting, but couldn't afford renovated houses. So with my 2 kids, we moved in, and with help form my now husband, we transformed this house! Doing it again as I type this.

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

Drove-for-money, stepped outside of my familiar neighborhood. The seller accepted my offer without hesitation.
We didn't know it then, but when we closed, the house was 5 day away from being repossessed by the bank.

How did you finance this deal?

Conventional loan

How did you add value to the deal?

Every room got updated. New paint, window treatments, new fixtures. Master bath was refreshed.
New fence, all new landscaping.

What was the outcome?

We had a lovely home, while we lived in it. We managed to sell our house 3 times... every time we hosted an open-house, offers would come-in and we would begin working towards the closing. Tons of praise and compliments... and growth.
We made a generous return on our investment.

Lessons learned? Challenges?

We had to sell the house 3 times. Buyer financing kept falling-through. We would host the open-houses ourselves. Not all realtors had our best interest in mind. Would have made a great rehab + hold, for passive income.

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

Worked with Realtors... but somehow, I was always working harder than them... posting my own adds on Craig's List and marketplace.
Used the same mortgage broker twice now.
The photographer used a drone, very, very cool! Great pictures, overall.