Edmond Family Home - Live N Flip

[Aaron Elliott]

Investment Info:

Single-family residence fix & flip investment in Edmond.

Purchase price: $245,000
Cash invested: $20,000
Sale price: $315,000

Live and Flip

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

Get my feet wet on fix-n-flips and rehabs. Also wanted to increase wealth buy holding this property for two years to not pay capital gains taxes.

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

Found this property on the MLS. Negotiated them down from 250,000 and had them cover all closing cost.

How did you finance this deal?

conventional loan

How did you add value to the deal?

Rehabbed the property while living there.

What was the outcome?

House turned out amazing! This house hit the market in May of 2020 during the peak of the pandemic. We had 6 showings on the first day and had multiple offers. We closed the deal on the first day.

Lessons learned? Challenges?

Rehabbing a house by yourself is a lot of hard work, but it does payoff in the long run. I saved thousands of dollars by learning how to do most things myself. Honestly probably could have done it all myself after looking at the finished work from contractors. The challenged we faced was our contractor would not show up on time and delayed our finished date. I researched and called about 10 different referrals and all had good words about the contractor we ended up using.

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

We ended up using my friends mom who was a realtor and she gave us a great family discount when buying and selling. Sorry she doesn't want any more business as she is retiring.