My first live in flip and what I learned

[Jacob Ganea]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $115,000
Cash invested: $15,000
Sale price: $203,000

I initially bought this property on the MLS. I had a tenant in the property until December 2017, then I moved in. The place was trashed and required paint, flooring, appliances, cabinets, landscaping, and some roof and AC work. After living in it for 2 years I walked away with about 80,000.

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

When I bought it I was very young and had no idea what a good deal was I just knew that the market had overcorrected during the Great Recession and I could see that things were beginning to turn around.

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

I found it on the MLS and paid asking price.

How did you finance this deal?

FHA

How did you add value to the deal?

I rehabbed the house and did the work myself

What was the outcome?

I learned a lot while rehabbing the house and it made me much more comfortable with doing my next flip

Lessons learned? Challenges?

I learned a lot from this live in flip. I had listened to over 200 BiggerPockets podcasts and was anxious to start a flipping business, but I had no idea how to flip a house. Doing the work on this flip and going at my own pace with the work taught me what I couldn’t learn from a podcast. It instilled confidence in me.

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

I worked with Brian Garcia who was a terrific agent and helped me get the most for my property.