First time home buyer

[Michael Jackman]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $120,000
Cash invested: $8,000
Sale price: $185,000

First time home buyer. Updated it to live in then sold after 2 years. Like many at the time, I made a killing in equity as the housing market sky-rocketed.

How did you finance this deal?

The deal was financed by banks in the form of two loans. Not sure if this type of financing is still available, but the banks basically split the 100% loan into 80%-20% to avoid mortgage insurance. Kept costs down for me and also kept me away from the dreaded adjustable rate mortgages.

How did you add value to the deal?

Simply updated flooring, paint and landscaping. Really nothing special.