Just missed the market...

[Jared Smith]

Investment Info:

Single-family residence fix & flip investment in Lakeland.

Purchase price: $320,000
Cash invested: $425,000
Sale price: $445,000

Just missed the market by 2 months on this one. So is the risk of flipping!

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

We live in this area and it seemed like a great opportunity with the margins

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

Worked through a wholesaler

How did you finance this deal?

cash

How did you add value to the deal?

Full remodel

What was the outcome?

Made some pocket change after fees

Lessons learned? Challenges?

You can't overcome a change in the market but your margins need to still be large enough to not lose your shirt if the market does shift like it did the last several months.

[Jared Smith]

Quote from @Jaycee Greene:

Quote from @Jared Smith:

Quote from @Jaycee Greene:

Hey @Jared Smith! Did you do this deal or was it one of your clients?

 My wife and I did this on our own. Of course we are closing now that the market is picking back up🤦🏼‍♂️. Sometimes a small win = big win.

Got it. Just going through the process itself is an invaluable lesson. I was going to ask if you considered renting the property until the market picked back up. As one of my podcasts say, one person's yuck is another person's yum!

 We did consider/evaluate that option, and have done multiple flips, but at those points have been under contract since New Year's Eve and carrying costs for another 2-3 months without a guaranteed sale is not the risk we want to assume.