Better late than never 2020 flip

[Aaron Millis]

Investment Info:

Condo fix & flip investment.

Purchase price: $127,000
Cash invested: $3,000
Sale price: $180,000

This was a house hack I bought in 2017. I put down about 20K which was pretty much my life savings at that point. I rented it out completely after 1 year of living there. After 3.5 years (and a good bit of appreciation) I sold it because I needed the money to use for other deals. At closing I walked out with a check for $70K. So for my first deal I got to live for free- collect easy cash flow-and collect about a $50K profit that I did little to earn. Pretty cool when it works out that way!

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

The book on Rental Property Investing

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

right of the mls. Paid exactly what they asked for it.

How did you finance this deal?

conventional financing.

How did you add value to the deal?

Painted some walls and put new flooring in a few bedrooms.

What was the outcome?

The rents were great and the area appreciated alot over the course of a few years. Excellent outcome.

Lessons learned? Challenges?

Renting by the room can be incredibly profitable.