First Flip Attempt, turned Rental!

[Jason Castro]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $69,000
Cash invested: $18,000

Intended as my first flip, but was limited in my selling price by FHA for a 3 month period, so after we completed the rehab in 2 weeks, I put a for rent sign in the yard to see what happened. Got a great tenant that is still there today. We performed a cash out refinance 6 months after purchase. My first Brrr before I knew the term!

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

It was cheap and close by.

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

I called an agent about 1 deal and found out it was already gone. He sent me this deal the next day and it was a foreclosure auction on the MLS. I ran numbers and determined my max offer and went for it!

How did you finance this deal?

Private money borrowed from my grandmother after helping her rehab and sell a problematic investment property.

How did you add value to the deal?

cosmetic updates