Flip for profit after living and renovating

[Stephen Gallagher]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $124,000
Cash invested: $3,500
Sale price: $313,000

Bought as a primary residence, then moved into our vacation home and rented this one out. moved back in six years later and lived in it for a while. recently sold and used money to pay off bills and buy current single family.

Had nightmare with tenants. used a service to acquire tenants and they ended up putting a sex offender in the home. The neighbors were in an uproar, police were involved and turned into a huge nightmare. Took six years for the tenant to move out. He had more rights than we did. We moved back in to avoid capital gains and are happy to no longer have that residence. Certainly was a good deal and the sale is what has gotten me interested in doing real estate.