First Flip for the young and broke!

[Robert Zeuli]

Investment Info:

Single-family residence fix & flip investment in Saugus.

Purchase price: $185,000
Cash invested: $10,000
Sale price: $250,000

This condo was purchased as a buy and hold or flip but I decided to move in instead. Entire Renovation was done by me over the course of a year. I pulled the equity recently to purchase an Airbnb!

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

Easy to find condos that need work, easy to rehab, cheap if you keep them, maintenance free. Great for the single person investor.

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

Off market.

How did you finance this deal?

conventional 0% down loan

How did you add value to the deal?

Almost everything. The hardest job was the wall we removed in the kitchen and the exposed beam finish work. Get creative! Unique is value

What was the outcome?

The place is so nice and the mortgage is so cheap I will stay here for a long time. Primary residence should never be looked at as an investment unless its a multi.

Lessons learned? Challenges?

Don't gut the bathroom just because you don't like the popcorn ceiling. I saw that coming!

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

I recommend you do something like this for your first one if you need a place to live and have little money. It's a great experience.