Flipped my personal home

[Keith Daniel]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $130,000
Cash invested: $35,000
Sale price: $220,000

I originally purchased a 3/2 home in 2007, long before I ever even thought about getting into real estate. Life changes presented the opportunity to sell the home but it desperately needed updating. I did a complete remodel of the home and ended up selling for well over asking price. The profit I made is going to start my real estate investing venture. I can't wait to find my next deal.

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

It's a fun way to make money and work towards financial freedom.

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

At the time I wasn't in real estate and purchased the home for my residence using a real estate agent to help me.

How did you finance this deal?

I originally purchased the home to be my residence on a 30 year loan.

How did you add value to the deal?

Completely renovated the home before selling.

What was the outcome?

Completely renovating the home before selling added so much value to the property it sold for more per square foot than any other home in the neighborhood.

Lessons learned? Challenges?

I'm a DIY/handyman type of guy so I was able to do almost all of the renovations myself. By doing that it saved me a ton of money and I learned exactly what it takes to do the jobs required. Now I have a working knowledge of what it takes to do any renovations in future investments, which helps in knowing if a contractor is overcharging for work.

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

I was not a real estate agent when I first purchased the home as my residence years before. When I decided to flip the house I had a couple of years experience under my belt as a real estate agent. When I sold the house I was able to get more per square foot than any other home in the neighborhood had previously gotten. I obviously would recommend myself to be your agent. I know what needs to be done to get you top dollar.