My 1st Investment deal

[Kevin Tito]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $115,000
Cash invested: $10,000
Sale price: $240,000

I bought my first home as a base home in a brand new location that I got word was coming up that offered me discounts and before a school was built. I learned how to remodel the home and added full outdoor living area and added my touch to the home staged it and did landscape design. I changed every thing in the house to give the home a welcoming home. The day I sold it the stages couldn't believe their eyes how great the quality of the work and how well staged it was. I had investors trying to get me down in price and even my agent saying I was 30k over. I said no way I know this market better than anyone. I studied it ever since the crash in 2008. I started thinking after two weeks what it could be. I had the answer, I got with my realtor immediately and said lets change the picture to the outdoor living. Immediately my viewings shot up into 1st place. By 12pm the next day I had a bidding war and they paid 15k over asking price.

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

I was tired of paying rent at 20 years old and I had great mentors around construction projects but one day I got a tip from a real estate investor that changed my way of thinking and he showed me a great way to invest in real estate.

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

I heard about a brand new development in a town that was about to grow and offered discounts for being a early buyer. They also had a plan for a neighborhood school. Right place at the right time.

How did you finance this deal?

Bank

How did you add value to the deal?

changed tile, paint color, cabinets, landscape, added outdoor living with full kitchen, stamp patio and arbor. I changed all counters to granite and hardwood floors.

What was the outcome?

I jumped in the air like I won the lottery because when they tried to get me to sell. I held my ground and it brought in an extra 45k

Lessons learned? Challenges?

some days of learning how to remodel can be challenging but I perfected my work and I learned so much on this property. It did well and I am blessed I did as well as I did. I am glad for the challenges it brought. I am wiser today because of those challenges

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

Yes!!