Single-family residence fix & flip investment in Jarrell.
1,350 sq ft single family home.
How did you find this deal and how did you negotiate it?
This was a property I found on Zillow that was foreclosed.
How did you finance this deal?
With a partner.
How did you add value to the deal?
I worked as the feet on the ground for the property itself, painting, lighting fixtures, patching holes in walls, added carpet to the master, and contracted any needed labor outside of my abilities.
What was the outcome?
I ultimately gained about $2k and one heck of a learning experience.
Lessons learned? Challenges?
This took about an extra 2.5 to 3 weeks longer than anticipated.
I didn't run all the numbers correctly as there were the common first time flipper mistakes.
This property was about 1.5 miles from residence at the time and making time for it was a still a challenge while working a full time job.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
On the purchase of the property we worked directly with banks, getting any leans on the property it had, and paid cash.
For the sell of the property we used a R.E. agent, and was under contract in about two weeks.
My biggest regret on this was not being super involved on the finance side of things; wish I had the numbers to present. We both made slim profits and was my first real deal. So many mistakes, but the lessons learned for no money out of my pocket was worth all the sweat equity/learning experience.
Best part... I continued my education for doing this again; have presented the same partner with real numbers this time around and we are back looking for our next deal. It's great to have a mentor that believe in you! Give them value, work you butt off and just be honest in your business activities. Document, document, document.. it saves all parties headaches.
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