call to action by Brandon: First Flip in 2018
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Fayetteville.
Purchase price: $25,000
Cash invested: $90,000
Sale price: $179,500
we have been in SFR rental for a while. built and sold two spec houses. flipped my first one as indicated above, bought a fixer upper and turned to a VRBO, bought 4 duplex. now closing on a 49 unit Self Storage unit with 4 storefronts.
What made you interested in investing in this type of deal?
I am a learner and I like all things Real Estate.
How did you find this deal and how did you negotiate it?
it was presented at a local REI meeting. I figured it was a teardown - and i needed to have room for margin of error. also our market appreciation helped by the time i am done with the flip, the price went up another 20K.
How did you finance this deal?
self financed plus LOC
How did you add value to the deal?
added square footage
What was the outcome?
close to 50K in profit on the first flip
Lessons learned? Challenges?
hire out the job to seperate experts
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Capital Abstract Title, Larry Kelly Real Estate Broker