Fix and hold ended up being a fix and flip

[Josh Gallagher]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $65,800
Cash invested: $18,500
Sale price: $102,500

Relocated to Dayton Ohio last year to fix up my first 100-year-old house. I was hoping to live in it for two years and rent out the spare room on AirBnB but the world changed and decided to sell and move back to CA to be closer to family. Put in a ton of blood, sweat, and tears and ended up making a few bucks at the end of it.

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

I found it on the MLS while out in the area looking for small multi-family properties. Was listed on and off for 3 years starting at 89k. I went under contract and was able to get the price down to 66k.

How did you finance this deal?

FHA type Ohio loan program with a 5% down payment.

How did you add value to the deal?

Floors, kitchen remodel, paint, roof, double pane windows, minor landscaping.

What was the outcome?

Not what I was expecting to do with the property but was able to flip it and make some money on the deal.

Lessons learned? Challenges?

Concrete countertops are more challenging than I expected. Expoxy makes a great finish that covers a LOT of imperfections.

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

The agent Shelly Blackman with KW in the Dayton area. He was great to work with and will do so again if I decide to go back.