First fix and flip deal

[Travis Sterner]

Investment Info:

Single-family residence fix & flip investment in Ligonier.

Purchase price: $50,000
Cash invested: $4,000
Sale price: $85,000

Unintentional fix and flip, got my wheels turning for RE investing. Had the idea to flip after purchase. Minimum work to property. Bought foreclosed with help a friend. Replaced the deck, some flooring, trim and freshened up the paint. Listed it at 75k, buyers bid up to 85k. Used the profit as a down payment for my next property.

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

Girl I was dating liked the house and area.

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

No negotiations, bought from bank for list price.

How did you finance this deal?

HELOC from a friend.

How did you add value to the deal?

Replacing the deck. Removing an unneeded entrance. Flooring, trim and paint.

What was the outcome?

Buyers had a bidding war the added 10k to the sales price.

Lessons learned? Challenges?

Don’t assume your realtor knows the market. My realtor advised listing at 65 not 75.