Fix, Rent, Flip, My first deal

[George A. Douty II]

Investment Info:

Single-family residence fix & flip investment in Huffman.

Purchase price: $167,000
Cash invested: $45,000
Sale price: $272,000

Live in Fix/Flip, we actually rented it out for a full year before selling it, so we got a lot of experience from this first deal.

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

This was going to be a primary residence, we turned it into an investment after circumstances changed.

How did you finance this deal?

Traditional Mortgage, 5% down, used cash for repairs.

How did you add value to the deal?

Cosmetic updates, flooring, paint, kitchen countertops, bath remodels, etc.

What was the outcome?

Lived in it for 2 years, rented it for 1 year, sold for profit.

Lessons learned? Challenges?

Always have a backup plan, be willing and ready to adjust to the market and circumstances.