3rd rental/flip now a full-time investor

[Doug Hickey]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $248,000
Cash invested: $18,900
Sale price: $339,000

Started as a rental for passive income. Made $500/month. Tenants fell behind and were evicted. Typical tenants destroyed the place and even left their crap and their cat that wasn't captured until 2 weeks later. Focused on redesigning kitchen and master bath; hardwood floors; new paint; new carpet. Sold in under 24 hours with bidding war. Probably could've listed for an additional $15k but overall a great ROI

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

Long term investment which began as a rental, knowing it would need some work to sell. Timed the sale for my son's college.

How did you finance this deal?

Conventional loan and self funding. Now using other people's money

How did you add value to the deal?

Update Kitchen bath paint and floors

Lessons learned? Challenges?

I was still working a full time job and traveling which ate up a lot of time for a quick turn. All work was sweat equity.

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

The agent used to sell is now part of my team for buying and flipping