Investment Info:
Single-family residence fix & flip investment in Ellijay.
Purchase price: $69,500
Cash invested: $110,000
Sale price: $130,000
I also received a 3/2 house in town that I rent for 1200 a month, that was appraised for 120000. Included in the purchase, when I sold the house. It was my first attempt at a flip and was probably to ambitious. I also did not know what I was doing. I spent too much time and money, I think I could do better next time and not become so in love with the project that I spend more than I have too.
What made you interested in investing in this type of deal?
I love renovating houses, taking something ugly and turning it into something someone loves
How did you find this deal and how did you negotiate it?
Driving around and searching for foreclosures
How did you finance this deal?
All cash, I used my own money
What was the outcome?
I sold the house but it took me longer than I wanted because I kept turning down offers. I made a mistake of falling in love with the project and let it become to personal, if that makes sense. I did however make about 100000 on the deal because the house that I traded for as well as the purchase price is in a very desirable location and I have received offers on it but have no plans on selling at this time.
Lessons learned? Challenges?
Remember You don’t live there, have your rehab team ready to start ASAP and that includes electricians and plumbers. Don’t use your own money if you don’t have too. I learned a lot of what not to do next time..
