I became a licensed real estate agent flipping houses

[Alan Nellis]

Investment Info:

Single-family residence fix & flip investment in Irvington.

Purchase price: $50,000
Cash invested: $110,000
Sale price: $259,900

Complete gut job. Full renovation. 3 bedroom, 2 1/2 bath, partially finished basement

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

This was my second flip and I was hungry to utilize what I learned from my first project a year earlier.

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

I found this property on the MLS and offered full asking price.

How did you finance this deal?

I used my own funds and worked with a hard money lender (Lima One Capital).

How did you add value to the deal?

I ran the day to day operations of the organization and was a member of the crew on site lost everyday.

What was the outcome?

We were able to sell the house and complete the project. The experience was invaluable.

Lessons learned? Challenges?

My biggest challenge was man power and managing my timeline. When I am ready for my next project I will have identified a professional, reliable crew and negotiated price and deadlines for the project.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a licensed realtor and handled all aspects of purchasing and selling this flip.