First fix and flip, a huge learning experience.

[Kitty Dockins]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $75,900
Cash invested: $1,000
Sale price: $85,000

This was a house that was up for auction by occupant through local auction company. Sale auction price was actually $69,000 with a 10% buyers premium, totaling $75,900. We spent about 30 hours of sweat equity and just shy of $1,000 on rehab (paint, caulk, landscaping, trash cleanup). Acquiring the property was a nightmare with occupant being difficult every step of the way, I learned a lot through this process. Was so GLAD to get it sold, not much of a profit, BUT a profit :)

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

I have always been interested in saving money, real estate seemed like a no brainer to me.

How did you add value to the deal?

Simple rehab, paint, a few fixtures and landscaping.

Lessons learned? Challenges?

This was such a challenge for our first fix and flip. We purchased the property at auction, with an absolute sold as is, where is. We bid, we won, we signed contract. We bid on dwelling items (furniture). We talked with owner and asked if we could leave miscellaneous items in the garage while we go to get a trailer. He said no problem and he would leave it unlocked. We came back a few hours later with garage opened as promised. As we were loading he returned and accused us of trespassing.