Our 1st Fix and Flip in Littleton, NH

[Mike Schofield]

Investment Info:

Single-family residence fix & flip investment in Littleton.

Purchase price: $100,000
Cash invested: $43,000
Sale price: $189,000

This was our first fix and flip. The house was built in 2004, and was a foreclosure. It was 2 bed and 1 bath, with a full walk out basement. We added a second 3/4 bathroom and roughly 400 sq ft of living space in the basement. New kitchen, flooring and paint through out and exterior doors along with minor tweaks and adjustments to the whole house. It was a great experience and we are happy with the outcome!

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

A great opportunity to earn a chunk of cash to invest in Buy and Holds.

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

MLS, negotiated through our realtor with the REO agent.

How did you finance this deal?

30 year fixed conventional

How did you add value to the deal?

added almost 50% more living space (finished the basement) as well as a 2nd bathroom, drywall repair and all new paint, new high quality flooring through out. Cleaned up the yard as well.

What was the outcome?

Great! Held the property for a little over 4 months, 11 weeks of it was the work the remainder was under contract. Made a nice chunk on it.

Lessons learned? Challenges?

It was a pretty long drive roughly an hour and 20 minutes from home. I spent a lot of nights on an air mattress! I learned we can do this!!

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

I financed with Stifel Bank and they were excellent! Also our realtor Deb Perdue from Elaine Hughes Realty is super awesome!