First home buy 233 5th st

[Isaiah LaVanway]

Investment Info:

Single-family residence fix & flip investment in Fond Du Lac.

Purchase price: $49,000
Cash invested: $16,000

Currently finishing drywall and paint then on to cabinets and flooring.
Some before and after photos of drywall.

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

I ran the numbers after a friend of mine wholesaled it to me, and the house hacking flip strategy really made sense for this house.

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

A friend of mine wholesaled it to me. I had no need to negotiate a lower price than his asking because that was a good price for the house.

How did you finance this deal?

Hard money lender

How did you add value to the deal?

I am currently in the process of remodeling the entire interior and adding a bathroom upstairs.

What was the outcome?

Going to refinance when rehab is done and live in it for two years in order to not pay capital gains. Then sell and repeat.

Lessons learned? Challenges?

Old houses always have more work than anticipated.

Lat and plaster is quite the challange.

Maybe sub more work out next time instead of working everyday for months at a time without even a day off.

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

Just my friend and mentor Frank who sold it to me. He has done multiple deals and owns a few rental properties. Message me for more information on him.