Flipped our personal home 2 years and a day later

[Joey Sostheim]

Investment Info:

Single-family residence fix & flip investment in Panama City.

Purchase price: $450,000
Cash invested: $150,000
Sale price: $835,000

This was our personal home or so we thought. Bought it just after Hurricane Michael

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

The potential for solid six figure profit

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

We found this on the mls prior to the hurricane and then worked a massive discount after storm.

How did you finance this deal?

Conventional through a local lender

How did you add value to the deal?

We fixed all hurricane damage and added a dock, seawall and hardwood floors

What was the outcome?

We sold for a tax free (our personal residence for two years) gain of $235,000

Lessons learned? Challenges?

Keep your mind open to all options we planned on staying longer but the market said otherwise

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

My wife is a rockstar agent, sold off market before listing. Carly Sostheim Realtor with Corcoran Reverie