First single family deal

[Sully Hubbard]

Investment Info:

Single-family residence fix & flip investment in Scappoose.

Purchase price: $150,000
Cash invested: $180,000
Sale price: $265,000

First single family fix and flip. Learned a ton. Full kitchen and bath remodel. Fresh paint inside. New gas meter. New roof. Open concept kitchen. New flooring.

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

I like restoring homes and this was perfect. I knew it was within my budget and would make a nice profit.

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

I found the deal on craigslist. I emailed the owner and then met with her at her home. She liked me, so she sold to me

How did you finance this deal?

cash

Lessons learned? Challenges?

I did most of the remodel myself. I would have made more $ if I'd used contractors to help me get it done sooner. Living expenses reduce profits

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

I hired a photograher, Adam Michaud at New World Industries, for $150 to take good pics. Also paid Mik at flatfeepdx.com/ $200 to list my property. It was essentially and FSBO as Mik didn't do anything but put up the listing, make changes, and mark the property as pending and sold. He was great. To entice buyers agents who might be hesitant to do extra work (cuz I didn't have an agent to do it), I paid an extra 0.25% in commission to the buyers agent so they wouldn't skip over my listing.