My first flip (or should I say flop?)

[RJ McGuire]

Investment Info:

Single-family residence fix & flip investment in Topeka.

Purchase price: $85,000
Cash invested: $20,000
Sale price: $120,000

Complete remodel inside and out. Finished basement and added full bath. Did ALL the work ourselves (except new roof and carpet installation).
Took WAY too long! LOL

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

Wanted to raise capital to start a business management company.

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

Realtor/MLS

How did you finance this deal?

Private financing, personal cash, store credit cards

How did you add value to the deal?

Finished the basement and added full bathroom. We did all the work ourselves to help keep renovation costs down.

What was the outcome?

Our personal lives became too busy and working on the house took a backseat, so we held the house WAY too long. We each pocketed about $5K after selling the house almost 3 years later.

Lessons learned? Challenges?

I learned to make sure I have the time to invest.
I also learned the value in hiring someone else to work on the house.