Investment #1: Maynard MA Flip

[Steven Rubino]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $168,000
Cash invested: $130,000
Sale price: $378,000

Check out the details & pictures here:
https://www.biggerpockets.com/forums/223/topics/617056-very-first-flip-complete?highlight_post=3684458&page=1#p3684458

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

The property was within our price range and had good bones. We could see the vision the moment we first toured the property.

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

It was a foreclosure which was listed on the MLS. We offered all cash with no inspections, which after a little back and forth was accepted.

How did you finance this deal?

The house was purchased in cash with HELOC's on our primary residences, and the rehab was funded by a private investor (family member).

How did you add value to the deal?

It was essentially a complete gut reno. We also added a second bathroom on the first floor.

What was the outcome?

We received two full price offers after the first open house!

Lessons learned? Challenges?

The biggest lesson we learned was to get multiple quotes and don't just go with the lowest number. Some people may cost more, but a few extra dollars is well worth it in the long run.