Updated about 5 years ago on . Most recent reply
58,000 NOI on my first flip
Investment Info:
Single-family residence fix & flip investment in Fayetteville.
Purchase price: $20,765
Cash invested: $55,000
Sale price: $145,000
Sort of a clickbait title, this was hardly my first rehab property but it was the first one I sold instead of keeping.
Flipped this through Covid-19 which delayed our closing by about 40 days. We had 5 offers in the first day, we closed at full asking price.
What made you interested in investing in this type of deal?
I've been doing buy and hold investing for a while but have been finding it's limitations recently and wanted something more active to do. I also have been trying to put more content on YouTube and flipping lends itself to that better than rentals.
How did you find this deal and how did you negotiate it?
Found off market through a wholesaler I met through networking on BiggerPockets
How did you finance this deal?
I paid for the house with a HELOC and used private money to fund the majority of the deal. I agreed to pay him 30% of net (which was way too much in retrospect) but he gave me all the money up front with no interest payments and no draws. Very easy.
How did you add value to the deal?
Full rehab, house was in terrible shape but a great location
What was the outcome?
rehab went well, made some money, everyone happy.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I would be nothing without my team, real estate is a people game FIRST for sure.
@nathan cross
@daniella osornio
@rodrick jackson
