Updated over 1 year ago on . Most recent reply
My First flip
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $49,900
Cash invested: $40,000
Sale price: $260,000
Bought this property in a partnership deal, as both the general contractor and 50% owner.
What made you interested in investing in this type of deal?
The incentive of the guidance and introduction to real estate investing was something I just could not pass up.
How did you find this deal and how did you negotiate it?
This deal was presented to me as a potential partnership deal to get my foot in the door and learn a bit about real estate investing.
How did you finance this deal?
My partner on the deal financed it using his W-2 income.
How did you add value to the deal?
Complete gut, redesign the layout and remodel.
What was the outcome?
Decent financial returns but an amazing learning experience
Lessons learned? Challenges?
-Always have multiple exit strategies.
-always plan for unexpected expenses
-attention to detail can emensly increase ARV.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
None at the moment.