I learned a lot on my Fist Flip and it was a Winner.

8 Replies

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $90,000
Cash invested: $120,000
Sale price: $427,500

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

This property fit my budget.

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

I found this property on an online actions and I made a pre-auction offer of $1000.00 over the asking price and it was accepted.

How did you finance this deal?

The property was purchased using my Self Direct IRA and I partnered with my contractor to carry the rehab cost.

How did you add value to the deal?

I did my due diligence and made sure that the finished product was similar to recently sold and currently listed properties.

What was the outcome?

The deal is closed and looking for my next investment.

Lessons learned? Challenges?

This was a tremendous learning endeavor.... there is a lot than can go wrong, be cautious and be prepared both financially and mentally because things can go wrong fast.

@Steve Puran Congrats on your first flip success story. Since it was a small multi-unit, did you sell it or are you currently holding onto it? Also what area was this property in?

Thank you 

Nice, at first I read the post and thought you found a multi family in Ardsley for 90k, that would have been a steal lol, I live right on the border of ardsley myself. How long did the whole process take from start to finish?

Not yet, Ive done tons of research, attended a few seminars, checked out a few auctions and even did some viewings with an agent. Biggest issue like most is funding and finding a solid deal in Westchester. The best thing going for me is owning my own contracting company so the work can be done at real costs.

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