Updated almost 6 years ago on .
My first fix and flip
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $40,000
Cash invested: $45,000
Sale price: $114,000
My first fix and flip. Went better than expected after the fact. The process can be such a challenge!!
What made you interested in investing in this type of deal?
I wanted a fix and flip to build some capital to purchase more properties to fix and flip
How did you find this deal and how did you negotiate it?
It was a HUD home. I could see the potential in the fix and flip.
How did you finance this deal?
It was my primary home so I was able to purchase with an FHA loan and 5% down.
How did you add value to the deal?
Rebuilt the entire inside of the home from the studs up. New walls and drywall and paint and floors and kitchen and bath. New home!!
What was the outcome?
The outcome was amazing! I walked away with a check for $43K and used it to purchase a rental for cash.
Lessons learned? Challenges?
Don't worry about building the entire inside back up! There is no reason to spend the $$ when you don't get the return.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Jim Kost in Lansing is my real estate mentor, friend and helper of all things real estate for me. 40+ years in the buisiness.