My First Fix and Flip

[Bryan Johnson]

Investment Info:

Single-family residence fix & flip investment in Byron.

Purchase price: $33,000
Cash invested: $42,000
Sale price: $127,500

My first fix and flip. Interesting property because there were major structural issues with the basement foundation. I obtained quotes for the work prior to making an offer and adjusted my offer in light of those bids. The bank (foreclosure property) accepted my bid after some negotiation in large part because of the diligence I had done to understand the work that needed to be performed on the basement. The rehab went very smoothly; I added a bedroom to make it a 3/2 and increased the property value greatly in the process. I sold for approximately a $40,000 profit. Really pleased with the result of my first flip.