From Burnt Carpet & Patriotic Wallpaper to Turn-Key Flip!

[Jennifer McMurray]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $77,000
Cash invested: $13,000
Sale price: $112,000

Single family home purchased as a foreclosure. Live-in flip.

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

It was my first home- I had zero clue what I was doing. I literally picked this one because it was all I could afford and didn't have significant damage.

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

MLS. My dad is a Broker and negotiated it for me.

How did you finance this deal?

FHA Loan

How did you add value to the deal?

Cosmetic updates on the interior- spent approx. $10K updating with paint, tile, carpet, lighting, countertops, sinks, etc.

What was the outcome?

Made a great profit tax free! Sold it in less than a month during the recession.

Lessons learned? Challenges?

I did all of the demo myself immediately after buying, and I lived in a construction zone for an entire year (one working toilet, no stove, no fridge, no flooring, no furniture, no cable, no TV, no internet). It was character building for sure!

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

Absolutely! Our family owned firm, McMurray & Assoc. Realtors