Limited resource big return

[Herbert Dolson]

Investment Info:

Single-family residence fix & flip investment in Middletown.

Purchase price: $40,000
Cash invested: $30,000

In contract to sell for $195,000

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

The house was across the street and I was comfortable with that.

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

I found the deal thru my neighbor who owned it and was living out of state and getting a divorced. I gave her a low number and she accepted.

How did you finance this deal?

Savings, family loan, and tax refund that year and a personal loan.

How did you add value to the deal?

I overhauled the house from foundation, electric, plumbing, drywall, flooring, new deck and porch, complete remodel

What was the outcome?

The out come was a ton of confidence in that the process works. There is no better way to leverage capital to increase value than real estate.

Lessons learned? Challenges?

Fix and flip is hard and expensive and long.

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

None that I would recommend