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Updated over 5 years ago,
First Real Estate Deal
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $49,500
Cash invested: $46,500
Sale price: $110,000
This was my first real estate deal other than my primary residence. I was originally going to fix up this house and rent it. After doing the repairs, I decided to flip it instead.
How did you find this deal and how did you negotiate it?
I found this via my real estate agent from the town. This was a bank owned property that had been on the market for a while. He contacted me after the bank approved lower the asking price. He felt it was a good buy and let me know first. So I was the first to act on the new asking price.
How did you finance this deal?
Cash
How did you add value to the deal?
Fixed roof issues and completely refinished the inside of the home.
What was the outcome?
I made a little money for a first deal. I also learned a lot in the process.
Lessons learned? Challenges?
I did a lot of the work myself. This was not the best use of my time. I will not do that again for future deals.
I also used contractors that did not work on it full time. They would primarily work on it during the weekends. This made the rehab take much longer than it should've.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Brian Kirk was by agent.