First flip at 19 years old
Investment Info:
Single-family residence fix & flip investment in Covina.
Purchase price: $497,000
Cash invested: $60,000
Sale price: $770,000
What made you interested in investing in this type of deal?
After months of looking for a deal an investor we've done work for offered me this house as a JV
How did you finance this deal?
Hard Money
How did you add value to the deal?
We brought Los Angeles style and Finnish to the Covina suburbs for a fraction of the price
What was the outcome?
Sold in 24hrs for $70k above asking with all contingencies waved.
Lessons learned? Challenges?
1. Don't pay anyone upfront
2. price shop for all Finnish's
3. talk about getting more projects to you subs so they give you a better price
4. make a home depot Lowe's etc account so they email you every receipt
5. buy a dump trailer you'll dave a lot of $ in material delivery and dump costs
