My first house flip!

[Michael Murphy]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $205,000
Cash invested: $105,000
Sale price: $390,000

1930 5 bedroom, 2 bath house near downtown. It had a great character and was close to downtown, hospital, & university. The house was almost 2700 square feet with an unfinished basement. I totally remodelled kitchen, both baths, and finished the basement, adding significant living area. The overall time it took to remodel was longer (and more difficult) to do, but the finished product was amazing. Looking forward to my next project!

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

This was my call to action investment. I figured at the very least, I could break even and get a ton of experience rehabbing this home.

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

I found this through a realtor friend that new I was looking for a flip project and he was notified early about the estate as a possible listing agent.

How did you finance this deal?

HELOC

How did you add value to the deal?

Total high end interior rehab on kitchen, bathrooms, refinished original hardwood floors, finished basement, Int/ext paint, etc.

Lessons learned? Challenges?

Too many to list!!

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

Jake Buckendorf