Summerville, SC Fix & Flip Success. First Deal

[Alan Cole]

Investment Info:

Single-family residence fix & flip investment in Summerville.

Purchase price: $141,000
Cash invested: $40,000
Sale price: $238,000

Single family home. Very run down, heavy smokers.

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

Profit margin, proximity to home, and the fact that it was mainly just cosmetic renovation.

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

Wholesalers list. Contacted the wholesaler and made an offer.

How did you finance this deal?

Hard money lender

How did you add value to the deal?

I used an analysis formula I learned from Renatus education.

What was the outcome?

Very good profit and a smooth experience.

Lessons learned? Challenges?

Understand the loan numbers better next time. First deal and I didn't understand well enough about LTV and what I would need to bring to the closing table (cash) to close the purchase.

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

My wife was my real estate agent.