Buy and Hold to Flip

[Douglas Vogel]

Investment Info:

Single-family residence buy & hold investment in Bremerton.

Purchase price: $100,000
Cash invested: $15,000
Sale price: $150,000

Bought as a rental with $200/month cashflow. Ended up selling 2 years later for a net profit of approx. $48,000.

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

First Deal!

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

Through Fannie Mae Homepath

How did you finance this deal?

Homepath Financing 10% down.

How did you add value to the deal?

Market was great and kept the property updated during rental.

What was the outcome?

Sold for $48,000 profit.

Lessons learned? Challenges?

Renting on $200/month before repairs/capex is DIFFICULT

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

Family friend who was a broker.