My First RE Purchase, Rehab & Sale in 2002 when I was 21 yrs old

[Robert Adams]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $107,000
Cash invested: $20,000
Sale price: $189,000

I bought my first RE property on 6/2/2002 when I was 21. I had saved money from various jobs and from a couple cars that I had sold for a profit. It was a 2 story condo with 1,424 sqft, 2 bedrooms, 2.5 bath, and a 1 car garage. I
bought it for $107k. I rehabbed it from top to bottom. Granite counters in kitchen, and bathrooms. New carpet and tile flooring with black marble borders and baseboards, new paint throughout, new window coverings, new light fixtures throughout, mirrored walls, new sinks and faucets, and new appliances throughout. Amazingly I did all that for around $20k. It was good to have good friends help with the rehab/rehab costs. I lived in this unit for a while so I wanted it to be nicely upgraded. I sold it for $189k on 9/22/2004. Funny I just looked it up andit is actually for sale again right now again for $189k lol.

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

It was my first deal at 21. I didn't want to rent.

How did you finance this deal?

Owner Occ Financing

How did you add value to the deal?

Fully rehabbed

What was the outcome?

Bought for $107k, invested $20k and then sold for $189k tax free.

Lessons learned? Challenges?

I was young and it was my first time buying, first time rehabbing and I did it with no partners. It was an invaluable learning experience at a young age. I fell in love with real estate at this time and never stopped