First flip attempt succeeds!

[Debashish Majumder]

Investment Info:

Single-family residence fix & flip investment in Mount Oliver.

Purchase price: $18,500
Cash invested: $15,000
Sale price: $55,000

My very first fix-n-flip attempt!! Bought a small house in Mt. Oliver PA (paid more than I wanted to) that the owner was in the process of fixing up.

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

Was just looking for my first deal

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

Driving for dollars - saw the property was for sale online.
Drove by and by chance the owner was working on it outside. Struck a deal on the spot - in hindsight, I could have struck a harder bargain but was too eager to own a property.

How did you finance this deal?

My first deal - had a partner at this time so we pooled some money from our savings and fronted the cash for it, including the repairs.

How did you add value to the deal?

Made moderate upgrades, put in some nice cabinets and flooring with plush carpeting to make it extremely appealing to someone looking for a cozy SFR.

What was the outcome?

Made a nice $15K profit after commissions - property sold within 2 months of putting it in the market

Lessons learned? Challenges?

Don't put a house on the market in the off season :-)
If you do, don't despair - it'll sell as soon as spring pokes its head out.

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

My wife is my real estate agent.
Keller Williams was the brokerage that handled both the purchase and the sale.