Our first flip! For sale soon.

[Cassandra Barr]

Investment Info:

Single-family residence fix & flip investment in Depauville.

Purchase price: $75,000
Cash invested: $30,000

Was a 4/2. Converting to a 5/3. Replaced old knob and tube wiring, removed plaster and added drywall, new kitchen and bathrooms. Will be on the market by may. Plan to list for $200k

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

When we first purchased this home our plan was to use the BRRRR method and rent to our daughter. Turns out they are moving out of the area so, now we will sale! If we can't get what we want then we will use as an Airbnb.

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

Driving around all of the communities in this area we came across this property.

How did you finance this deal?

Seller finance! Put $8000 down, 4.5% interest amortized over 30 years. Payoff in 5 years.

How did you add value to the deal?

Added bath and bed, new kitchen, new drywall, updated electrical, new paint....

What was the outcome?

Still working on it.

Lessons learned? Challenges?

Plan change so make sure you have a backup. Also, nothing is as inexpensive as you think it should be. Overbudget!!!

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

Yes, used an agent.