First investment sfh flip a success

[John Silva]

Investment Info:

Single-family residence fix & flip investment in New Bedford.

Purchase price: $145,000
Cash invested: $58,000
Sale price: $249,990

First investment and flip to increase my capital. This was a home run. Purchased a 2 bedroom sfh made another bedroom and increased the value. Everything else was the standard gut right down to the studs. On the market for 10 days sold for full price. Here are a few pic's. Before and during this process I went to the Bigger Pockets community for help, pod's cast and blogs Thank You. It was a long process as I had to handle a personal loss.

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

Location, location, location and price.

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

Driving around in the neighborhood. On and off the market for (4) years, house needed a total rehab, clean out. Negotiate the price from those points plus paid cash.

How did you finance this deal?

Private money for purchase and I funded all the rehab.

How did you add value to the deal?

Added a bedroom, hardwood floors thru out, new roof, insulation, electrical, plumbing , new bath & kitchen and stainless steel appliances.

What was the outcome?

Received a full offer on the 10th day on the market.

Lessons learned? Challenges?

Need a professional skilled crew: electrician, plumber etc... that understand or work with small investors. Great work but know how to save money.
Challenges: Finding a contractor. I took three bids and they were all different.

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

I call this a full circle investment. I bought the home under my LLC and sold it. I'm a licence real estate agent. I represented the seller (me) and the buyers asked me to represent them !!! Dual agency = higher commission. I couldn't believe it no commission split and everything went well.