My first flip in Ocala
Investment Info:
Single-family residence fix & flip investment in Ocala.
Purchase price: $70,000
This was my first real estate flip. I was scared to make the jump and did not have enough cash. I actually partnered up with investors who had the cash and I did all the leg work.
What made you interested in investing in this type of deal?
I love real estate! I live, eat, and breathe real estate. I was so excited when I knew I had a deal.
How did you find this deal and how did you negotiate it?
The deal was on the MLS. I was the first one to see it and I offered the agent my commission.
How did you finance this deal?
Partners!
How did you add value to the deal?
I did all the leg work. Found the deal, and managed the rehab.
What was the outcome?
The rehab came out amazing. We did a short term lease and now we are getting ready to list it!
Lessons learned? Challenges?
Be very clear with your contractor, and also buy all the materials ahead of time! I was going to Home Depot and Lowe's daily. I could have been better prepared.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, my partner is a real estate lawyer.
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