My first real estate investment

[Christopher Soos]

Investment Info:

Single-family residence fix & flip investment in Matthews.

Purchase price: $125,000
Cash invested: $5,000
Sale price: $152,000

Purchased as a foreclosure after the crash. Lived in it for some years and did minimal work to it. Could have made more but that is how hindsight works.

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

I knew it was worth more even without updating.

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

I was working with an agent and he was given the listing before it went online.

How did you finance this deal?

Traditional loan

How did you add value to the deal?

Added appliances, removed wallpaper, painted, some yard work.

What was the outcome?

My neighbor randomly made me an offer and I accepted. I profited around 36k

Lessons learned? Challenges?

I learned that I should have done more updating and set a higher selling price as this house is now valued around 250k.