First Flip on Childhood home

[Mandela Sheaffer]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $10

Cash invested: $35,000

Sale price: $138,000

Childhood home that was in moderate disrepair from renters and passed to me from my mom. My girlfriend and I did the flip ourselves in a couple of months by driving from Chicago to Ohio.

Major changes included:

-Removed all wallpaper
-Painted walls and ceilings
-White washed upstairs
-Reinforced foundation of porch
-Updated Baths and Kitchen
-New landscaping
-Replaced brick walkway with concrete.
-Fascia and Soffit Repair

What was the outcome?

Increased the home value from 80k to 140K and sold for 138K. Mortgage was free and clear.

Lessons learned? Challenges?

Hire reliable contractors and keep them accountable. We were a 6 hour drive so there was a lot of traveling and hotels.