First Fix and Flip in Bridgeport CT

[Omari Howard]

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $90,000
Cash invested: $37,000
Sale price: $245,000

I bought my first real estate investment as a owner occupied HUD home. Used a 203k loan to fix the property. The house brought in $1,450 as rental income so i lived totally free and also made a profit every month of $200+.
I had a Section 8 tenant so the income was guaranteed. I sold the home 3 years later with over $100K equity after closing cost and attorney fees etc

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

At first I just wanted to live rent free and I figured I had made an excellent purchase.

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

My father is a real estate agent in CT. He was able to get the house in the necessary price range I was looking for.

How did you finance this deal?

203K FHA Loan

How did you add value to the deal?

I remodeled the entire house. Both Units were Like new and the Rental income was also appealing

Lessons learned? Challenges?

I could have taken out the equity in the home and continued to let it pay for itself

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

Yes. I worked with my father who is currently an Agent in CT