Flip after remodeling and living

[Stephen Gallagher]

Investment Info:

Single-family residence fix & flip investment.

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

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.