Latest Fix and Flip, Solid base hit!

[Erik Stewart]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $128,000
Cash invested: $50,000
Sale price: $234,900

Fix and flip on a SFR. Pretty straight forward flip! I went over budget a little, but was also able to increase the listing price by the same amount, so my net was approx the same. Fun project and great to sell to a veteran!

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

I wanted to use flip proceeds to ramp up marketing for more BRRRR deals or hire my first employee, I ended up doing both!

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

They found me on Facebook, negotiation was a walk through and an offer of the most I could comfortably pay.

How did you finance this deal?

Bank financing for 80% of the purchase and rehab, I funded the rest.

How did you add value to the deal?

Renovation

What was the outcome?

Full asking price offer and got to provide a nice home to a Vet!

Lessons learned? Challenges?

I learned about boiler heating systems and to double check the house after contractors are working for the day, breakers that control the furnace sometimes dont get flipped back on, in the middle of a 20 below winter day :)

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

On the sale side, I worked with a great realtor who represented the buyer. She was a great communicator, savvy agent and pleasant personality.