Our first sold investment

[Brook Rieman]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $120,000
Sale price: $190,000

Rehabbed main house plus plus tiny home on same property. We were initially planning to buy and hold as LTR but COVID led to a pivot. Worked out!

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

We have been wanting to start flipping after doing several buy and hold deals. All of our other properties have been rehabbed and Airbnb’d or rehabbed to long term rental.

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

It was on MLS for less than 8 hrs when we made an offer. As soon as we saw this deal we knew it was good one. Up-and-coming area, lots of improvement potential.

How did you finance this deal?

Bank commercial loan.

What was the outcome?

After reno and holding costs, we net 27k on the deal.

Lessons learned? Challenges?

The biggest issue we could kit overcome on this property was parking. When we tried to rent it, that was the biggest complaint of renters. We ended up selling to an owner-occupier who was excited to have the tiny house rented to someone else, paying more than half her mortgage.

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

Corey Rieman (my husband) was our selling agent.