First Fix & Flip from start to finish! Need Help with the lending side?

[Kevin Vernon Parker]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $63,000
Cash invested: $180,000
Sale price: $325,000

I identified the investment, procured the lending, and worked as a project manager on this particular project overseeing all aspects of the project from start to finish. We added approx. 540 Sq ft to the property and increased the value by over $100k. Working as a team, my partner and I with a combined experience of over 25 years in the industry set the market price and $/Sqft for the area.

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

The growing area, the potential for success, and the overall ROI that I saw as potential in the property.

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

I found this deal with the assistance of others on social media.

How did you finance this deal?

We used a hard money loan to secure and finance the purchase and rehab of the property.

How did you add value to the deal?

I negotiated, analyzed, and project managed every aspect of the project from start to finish. Leaning on my partner who was a significant part of the project as he possessed over a decade of construction experience and had the viable sub-contractors that were able to aid in completion of the project.

What was the outcome?

We made a significant profit as the ROI was more than initially expected.

Lessons learned? Challenges?

This was my first project working with this amount of sub-contractors and I learned you have to have a designated team in order to properly manage your time, expectations, and the cost of the work to be completed. Some challenges were the location. As it was outside of the major DFW area we had to source sub-contractors from a variety of areas which led to time delays and unexpected plot twists.

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

The primary GC on the project was Vaquero Home Builders. A strong builder with a proven track record of success that was able to step up and provide the manpower needed to get the job finished.