Family Business - Flip It

[Joseph Morelle]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $70,000
Cash invested: $35,000
Sale price: $120,000

Single family home - my dad and I bought, fixed (mostly ourselves) and sold all while having busy lives.

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

Big fan of the fix and flip strategy - had some success in the past and would do even more.

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

Traditional MLS and worked through real estate agent - very traditional.

How did you finance this deal?

Home equity lines of credit and credit cards.

How did you add value to the deal?

Updates updates updates - brought 1950 to 2015 with new fixtures and welcoming colors.

What was the outcome?

It took significantly longer than hoped but doing it only on nights and weekends with full-time job that involves travel made it difficult. Overall, money was put in our pockets but not nearly what it could have been.

Lessons learned? Challenges?

Need to move fast, need to find cheaper money and be sure the bones of the house are in good shape before buying!