Quick Flip for Profit with lessons learned!

Real Estate Deal Analysis & Advice
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Quick Flip for Profit with lessons learned!

Travis TurnerBusiness Member
Real Estate Agent · Lubbock, TX · Member since 2021 · 45 posts · 28 votes

Investment Info:

Single-family residence fix & flip investment in Lubbock.

Purchase price: $90,000
Cash invested: $35,000
Sale price: $166,000

This was an easier project. Some trouble with contractor lead to not as speedy of a remodel, but in the end completed the project for a good profit. I will take a win over a loss any day!

Lessons learned? Challenges?

Always stay on top of contractors, and NEVER give them more than they are owed. Control the money, win the game. Lessons will be learned in every flip and purchase.

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  • David Avery
    Flipper/Rehabber · Phoenix Arizona · Member since 2020 · 1k+ posts · 686 votes
    5y

    If you can land One contractor to do most of the work and then have him work with the other contractors to make sure they show up, do the work and do it right.  That way the contractor over the job can be the bad guy to make sure it is done right.

    I generally suggest this to every investor so that you are the money person instead of the baby sitter also!

    0Reply
  • Brian Jaime
    Wholesaler · Albuquerque, NM · Member since 2019 · 12 posts · 5 votes
    5y

    Great work! Just out of curiosity, what would you do different as far as dealing with a contractor? I agree with @David Avery that setting up a system with a couple contractors would be optimal for accountability without you having to babysit. 

    0Reply
  • Travis TurnerBusiness Member
    OP
    Real Estate Agent · Lubbock, TX · Member since 2021 · 45 posts · 28 votes
    5y

    The contractor was a GC, who was overseeing the work being done. Trouble started at the top, long story short may be going to prison. A quick google search I would recommend on anyone you are doing business with, even laborers. Each deal will teach you something new, and help you succeed in future. We run multiple crews and have some that work salary with us, sometimes you can lose track of what is going on when it gets busy!

    0Reply
  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    5y

    Thanks for sharing @Travis Turner ! 

    0Reply
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