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 had saved money from various jobs and from a couple cars that I had sold for a profit. I rehabbed it from top to bottom. Granite counters, new carpet & tile flooring with black marble borders & baseboards, new paint, new window coverings, new light fixtures, mirrored walls, new sinks & faucets, and new appliances. Amazingly I did all that for around $20k. I lived in this unit for 2 years then sold tax free.

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 find this deal and how did you negotiate it?

It was on MLS

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