First rehab accomplished investing in real estate

[Thomas Pierzchala]

Investment Info:

Single-family residence fix & flip investment in North Ridgeville.

Purchase price: $76,100
Cash invested: $24,000
Sale price: $162,500

This was my first endeavor into real estate flipping

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

Felt it was the best way to build capital for the growth of my business

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

Auction.com and just placed a bid

How did you finance this deal?

Privet lender

How did you add value to the deal?

Gutted the house (full of black mold) then remediated the house and fixed it up to a modern look.

What was the outcome?

Gained a profit of roughly 48k after everything was paid.

Lessons learned? Challenges?

Buying sight unseen (saw exterior and couldn't see inside) did not anticipate the house being flooded for over a year and have the house covered in black mold. Anything can happen when not seeing inside of a deal.(learned alot on this first deal)

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a agent and have a team of agents that are great.