Updated almost 3 years ago on . Most recent reply
First time flipper - here to learn
Investment Info:
Townhouse fix & flip investment.
Purchase price: $280,000
Cash invested: $330,000
Sale price: $423,000
My first fix and flip on a townhome in the Feather Sound area of Clearwater
What made you interested in investing in this type of deal?
Knew nothing about real estate investing, just wanted to diversify my investments. Was a total "newbie". Finding something under value but in a nice area - that I could rehab and rent or sell was my criteria. Found a property through a realtor in a great area in Clearwater that needed renovation. Sold it without a realtor for cash.
How did you find this deal and how did you negotiate it?
Found it through a realtor, looking for something needing work but could be a high rental area.
How did you finance this deal?
Cash
How did you add value to the deal?
Mostly cosmetics - New kitchen & bath, flooring, new AC, tile, paint, fixtures
What was the outcome?
Loved how it came out - and pleased with the offer of 423K
Lessons learned? Challenges?
1. Wish I had known about investing - and BRRR strategy! Now I wish I'd kept it.
2. Learned that I need to do better to keep my rehab costs down - made a lot of contacts for that for next time - I can't let my own preferences get in the way
3. Keeping a fire under the contractor... work was good - time management not so much
4. Learn how to use OPM not just my own cash. 5. I had a lot to learn about financial side
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
An agent - Pam Schultz - found the property and brought it to me when I told her my criteria. No lenders - bought, rehabbed, sold.
