Nightmare Flip Still Made Money

[Ozzy Sirimsi]

Investment Info:

Townhouse fix & flip investment.

Purchase price: $65,000
Cash invested: $72,000
Sale price: $182,000

This flip was very interesting experience.
Everything that might go bad went bad, including my main contractor who is also my friend leaving the state, electrician committing suicide, second plumber getting corona and leaving the job, BGE cutting the gas and making me go through whole new process to get permission which was not needed at the end, used my own kitchen cabinets that I import but ordering the wrong size :D)) finally finished it and still made a profit :D))

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

Believe it or not I just wanted to try out somebody :D)))) whom I could not really have him during the process, 

Also I start importing my own materials from my home town which helped me to lower the material cost and made me start another business to sell Kitchen Cabinets, Vanities, Doors etc....

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

I checked this deal for one of my Bigger Pockets Investor, he decided not to go for it, as an agent I asked for his permission to buy, he was okay with it, so bought it.

How did you finance this deal?

Cash is the king

How did you add value to the deal?

We got all the trade permits, electric, plumbing, hvac, it was a unfinished basement, got rid of the oil thank, added a bathroom, finished the basement, new kitchen, new main bathroom, new windows, new doors, all new house basically.

What was the outcome?

Outcome was pretty good actually, I got all the final permits, got an offer 7K over asking, and buyers really like the place

Lessons learned? Challenges?

Never use your friend as a contractor :D))

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

I use myself as the agent