Investment Info:
Single-family residence fix & flip investment.
Purchase price: $559,900
Cash invested: $100,000
Sale price: $785,000
This property was initially going to be a second home. However, with the increase in equity from the growing market we decided to flip it. Looking back, I would've scaled back on some of the high end finishes knowing we were going to flip it. We took this house down to the studs and cement floor. Every detail inside the home was brand new.
What made you interested in investing in this type of deal?
I have always had an interest in flipping homes. I know there is money to be made in doing so.
How did you find this deal and how did you negotiate it?
We used a Realtor to purchase and had to beat out another offer.
How did you finance this deal?
Conventional loan and repairs were paid with our own cash.
How did you add value to the deal?
It was a learning experience and planning every detail and researching what type of styles sell quickly in that area.
What was the outcome?
We made a decent profit and will definitely look for another property to flip.
Lessons learned? Challenges?
Definitely don't spend the money on the high end finishes. Buy quality and more affordable.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
We used a Realtor.
