First reno - flipped a house for cheap rent and lots of equity

[Mika Barnes]

Investment Info:

Single-family residence fix & flip investment in Tulsa.

Cash invested: $15,000
Sale price: $145,000

Flipped my grandma's house myself for under $15k. It was a live-in flip, and it took several months, because I made repairs as I could afford them. The house was worth around $65k when I started, and we just sold for $145k!

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

I needed a cheap place to live, and I had helped do some minor reno work for others.

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

I was moving to the Tulsa area, and my grandmother asked if I wanted to rent out her house.

How did you finance this deal?

Seller's financing

How did you add value to the deal?

Put in new floors throughout, new paint, kitchen backsplash, and de-popcorned everything. Also minor drywall repair

What was the outcome?

A great deal! I got a cheap place to rent and lots of experience renovating. My grandma got almost a free reno, and added over $70k in equity to her house

Lessons learned? Challenges?

I would have negotiated some equity in the deal. I was just looking to help my grandma out, but I didn't know anything about real estate, and I would do this way differently now.

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

No.