First sale for profit

[Cody Conaway]

Investment Info:

Single-family residence buy & hold investment in Phoenix.

Purchase price: $276,000
Cash invested: $50,000
Sale price: $512,000

https://www.redfin.com/AZ/Phoenix/3832-E-Waltann-Ln-85032/home/27493304

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

Original plan was to fix and rent, but equity went through the roof. Sold it!

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

Bought as primary residence.

How did you finance this deal?

VA mortgage

How did you add value to the deal?

remodeled most of the house, except floors, kitchen and bathrooms.

What was the outcome?

$204k revenue all said and done

Lessons learned? Challenges?

Inconvenience of continuous repairs over time and cost of various jobs. Learned to search labor costs for better deals.

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

Yes. Virginia Gorr, Century 21.