My First Fix & Flip

5 Replies

Investment Info:

Single-family residence fix & flip investment in Deltona.

Purchase price: $94,000
Cash invested: $30,000
Sale price: $184,000

This was my first Fix and Flip property I did in Volusia after this one I've done 5 more, but I remember the feeling of excitement when I closed.

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

The numbers looked good and it was a sure investment in an upcoming market.

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

This was a deal I found thru a wholesaler.

How did you finance this deal?

I used hard money for this one .

How did you add value to the deal?

It was a 2/2 when we bought it, so we added an additional bedroom that made it a more marketable property.

What was the outcome?

It was a successful investment, I made a 20 % Profit margin on this one

Lessons learned? Challenges?

This one got flipped during hurricane season, so it reassured the importance of property insurance no matter what. Also learned to shop for Hard money lenders and try to get the best deal.

Congrats!  Looks like a good one.  What other issues do you need to be aware of when you consider a property in this market?  You mentioned the hurricanes.  Did you worry about mold or other moisture issues....flooding?

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