Updated almost 5 years ago on .
Flipping w/ no Money
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $350
Cash invested: $1
I partnered on this deal with a fellow BP member. I reached out to them and we connected over the phone. I started by adding value and giving him my contacts for the people I was going to us for flipping. He is a go getter so he called them right away. I then asked him if he might like to partner on something and he said he wouldn’t be opposed.
Fast forward 3 months, we are half way done with our first flip. We found it through a wholesaler. My partner invested the downpayment and other monitory costs, he is managing the property while I am backup if we need a second pair of hands on something.
What made you interested in investing in this type of deal?
I will use the profits from flipping to purchase cash flowing rentals.
How did you find this deal and how did you negotiate it?
Through a local wholesaler.
We just jumped on the price when we could. Houses now are flying off the shelves in 30 mins.
How did you finance this deal?
Through a partner and hard money lender.
How did you add value to the deal?
Providing connections that saved us money and as a second pair of hands on the rehab/Managment.
What was the outcome?
Currently doing it.
Lessons learned? Challenges?
Prepare, get permits first and order anything bug you will need up front.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Alex Gubay (wholesaler) (480) 818-4038
Bo Seamands (hard money) +1 (903) 721-5807
Philip Mazur (Agent) (815) 276-4814
