1st rental house that we flipped and are now renting

[Jason Scavilla]

Investment Info:

Single-family residence buy & hold investment in Port Orange.

Purchase price: $85,000
Cash invested: $16,000

My wife and i purchased this 3 bedroom 1 bath, 912 sq. ft house to fix and then rent it out. We had set a budget of $15,000 and ended up spending $16,000 on it. Considering we put in all new floors, bathroom and kitchen and painted the inside and out I think we did a great job. One thing that saved us was a local kitchen place was running a $3,999 special for a brand new 10X10 kitchen and we fit the credentials and that saved us a lot.

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

The potential for what it could be, needed work and I was willing to do it.

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

Online websites and a co-worker at my full time job is an agent. He also inspired me to become and agent.

How did you finance this deal?

Cash from the sale of our house in Nantucket, MA.

How did you add value to the deal?

Replaced all the flooring in the house, completely gutted and installed a new kitchen, replaced the single vanity single and added a double vanity sink in bathroom and then painted the whole house inside and out.

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

Yes, he is still my co-worker but now I am an agent so I get all the perks :).