Updated about 2 years ago on . Most recent reply
1st Fix and Flip
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $322,000
Cash invested: $45,000
Sale price: $430,000
Great first deal fix and flip. Learned a ton and onto the next.
What made you interested in investing in this type of deal?
Acquire more capital faster. Good source of active income if done well.
How did you find this deal and how did you negotiate it?
From a wholesaler. It was bid up a bit but only paid about 2k over ask.
How did you finance this deal?
Hard money, and Gap lender.
How did you add value to the deal?
Just did cosmetic updates on this.
What was the outcome?
Still sold the home didn't really make any money but still glad I was able to learn.
Lessons learned? Challenges?
Remember soft costs like staging, appliances etc. in your numbers.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Thomas Wright from Renovate ease always does a good job for me and my clients on the contractor side. I just listed myself.