1st investment renovation home

[Danielle Hammond]

Investment Info:

Single-family residence fix & flip investment in Gwinn.

Purchase price: $45,000
Cash invested: $10,000

Currently living in house- market value $85k

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

Low money down, low monthly payments, nice family home and street

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

Foreclosure, listed for over a year. I low balled- it didnt work and I played near full price. Still a good deal

How did you finance this deal?

FHA 203k

How did you add value to the deal?

Finished a bathroom that was gutted. Sanded and finished original wood floors (1905). Updated kitchen counter, appliances and flooring. Paint and some bedroom carpet.

What was the outcome?

House is great! We were very lucky on a lot of aspects. Like previously updated wiring and metal roof.

Lessons learned? Challenges?

Lending was a challenge - but worked.
Living in a demo with kids is hard.

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

This was the first deal I did once i earned my real estate license and represented myself. I would recommend myself to everyone I know ;)