Our first flip was a success

[Kelly Muscarella]

Investment Info:

Single-family residence fix & flip investment in Vancouver.

Purchase price: $196,458
Cash invested: $24,000
Sale price: $269,000

This was our first flip. It was a great success!

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

We started out going to one of those over priced seminars!

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

I was the listing agent on the home next door, the owners called me about selling their home. I went out on a listing appointment and made them an offer they couldn't refuse.

How did you finance this deal?

We actually purchased it using traditional financing, did not inform the bank it was not going to be a investment.

How did you add value to the deal?

Paint interior and exterior, flooring, redid the bathrooms.

What was the outcome?

It was a huge success. We netted over 25,000.

Lessons learned? Challenges?

We had a large problem we we discovered the water heater leaking, it had been leaking for years. INVESTIGATE everything, don't assume anything. Add in a pad.

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

myself