Investment Info:
Single-family residence fix & flip investment.
Purchase price: $200,000
Cash invested: $73,500
Sale price: $315,000
This was our first fix and flip. It was a small single family home but great experience and a great way to get into the business. Really enjoyed and as I am a real estate agent obviously buying and selling was done through the real estate company I work for which made things a bit easier.
What made you interested in investing in this type of deal?
we always wanted to do this type of investment but I worked in real estate for a few years to gain general experience of the housing market before we made our first investment purchase
How did you find this deal and how did you negotiate it?
Found it on MLS and negotiated directly with the listing agent
How did you add value to the deal?
we did a lot of work to update and open the house. I t was very dark inside and needed a lot of electrical updates and TLC
What was the outcome?
We learnt a lot along the way and also made the deal profitable
Lessons learned? Challenges?
Managing expectations, the order in which you should tackle work and also managing the workload and progress with contractors in place
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am a licensed associate broker which obviously makes investing a lot easier. I also have access to a lot of house information which is very helpful when researching properties
