Updated 3 days ago on .
First Flip Under my belt
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $175,000
Partnered with 3 other guys to flip this house. ARV looking to be around $315,000 with a $50,000 rehab budget. Should split roughly $80,000 profit 4 ways. I brought the deal to the table
What made you interested in investing in this type of deal?
I knew the owners of the property and i want to use flipping to fuel my passive investments.
How did you find this deal and how did you negotiate it?
I knew the owners and gave them options to sell to me or to go to the open market!
How did you finance this deal?
a partner of mine brought the money on a conventional rehab loan from his bank. We had private money lined up that fell through while we were UC.
How did you add value to the deal?
We completely gutted the kitchen and bathrooms. we added a full bath and a closet. New everything in the home.
What was the outcome?
Still waiting to see the profit
Lessons learned? Challenges?
Timelines are important and carrying costs kill profit!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am the agent! I would recommend myself haha