Updated over 5 years ago on . Most recent reply
My First Flip 2 Years Ago
Investment Info:
Single-family residence fix & flip investment in Indianapolis.
Purchase price: $32,500
Cash invested: $25,000
Sale price: $79,900
Charming 2 Bdrm Bungalow just blocks south(walking distance) from the heart of Irvington, shops, restaurants. Completely updated home, new cabinets, new countertops, new appliances, new flooring, updated bathroom. Nice covered front porch, open living rm to dinning rm, turn the basement into more living space, work shop, or just extra storage, detached garage works for multiple purposes. This home has just the right mix of old and new to make this the house a place you can call home!
What made you interested in investing in this type of deal?
The project was fairly small and mainly cosmetic so I knew it would be a good place to start for my first flip.
How did you find this deal and how did you negotiate it?
I found this through a wholesaler and we negotiated the price down a bit since it had been on the market for a while and we developed a relationship with the wholesaler.
How did you finance this deal?
Private money
How did you add value to the deal?
We gutted the kitchens/bathroom and installed new faucets, bathtubs, cabinets, etc to create a fresh, modern look.
What was the outcome?
We ended up selling the property for a profit and learned a lot about the renovation process.
Lessons learned? Challenges?
Since I had never done a flip before, the hardest part was understanding how to fix the problems we saw and what it would cost to get the job done. In retrospect after doing more flips since then I realized that what I envisioned as major problems were only minor and easily solvable. I have learned to break down large issues into smaller steps to identify my fears or concerns, and then create a game plan to solve them.
