Our first fix and flip

[Rich Nation]

Investment Info:

Single-family residence fix & flip investment in Saint Charles.

Purchase price: $130,000
Cash invested: $70,000
Sale price: $238,900

Our introduction to REI was this flip. I have a construction background so we did the first one by ourselves (me and the wife).

Learned a lot.

Added a bathroom, gutted the kitchen, basement and existing bathroom. All new electric, all new plumbing, all new flooring, all new paint.

New cabinets, granite counter tops, new stainless appliances, oiled bronze fixtures.

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

I wanted to get into rehabbing and this seemed like a good project to start on figuring my background in construction.

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

I found this deal through a local wholesaler and paid full asking price.

How did you finance this deal?

This deal was financed through a HELOC and the rest came through a creative financing website called Seed Capitol.

How did you add value to the deal?

We updated pretty much everything.

What was the outcome?

We made a little money, got our feet wet and learned a lot.

Lessons learned? Challenges?

Learned how to look a little deeper on the initial walk through. I learned that not everything needs a "Taj Mahal" finish.