First time flippers in Greenville SC
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $40,000
Cash invested: $50,000
Sale price: $142,000
First fix and flip that we didn't live in. Good experience. Cost more and took more time than we anticipated, but just learning the ropes. Communication with our contractor held us up, as well as weather.
What made you interested in investing in this type of deal?
Good zip code. Price was good too.
How did you find this deal and how did you negotiate it?
Wholesaler. This area was in demand, so I gave him the asking price. Just looked up wholesalers for my area online, and got on their calling list.
How did you finance this deal?
Hard money. Lima One Capital
How did you add value to the deal?
Did some of the demo and finish work.
What was the outcome?
Made a pretty good profit, although it could have been better after learning some things.
Lessons learned? Challenges?
Contractors will go in with a flurry of activity at first, and then things slow down. I will probably eventually run my own crew, but we just aren't at that point yet. Having patience goes a long way, and taking things in stride. Not getting emotional when things don't go as planned.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Angela Sox (my wife) was the listing agent. She also does a great job with staging.
