All Forum Posts by: Jacob Sloop

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $146,300
Cash invested: $42,000
Sale price: $269,900

Full cosmetic rehab, including new HVAC kitchen, bathrooms floors, fence garage doors and paint!

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

Home was built in 2010 had good layout and good comps

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

MLS, offered above asking

How did you finance this deal?

Hard Money

How did you add value to the deal?

Full cosmetic rehab

What was the outcome?

Sold above asking for a roughly 45k net

Lessons learned? Challenges?

Turn the water main off on demo day !!!

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

I was agent on this deal, my first listing!

I would definitely plan for more time than you expect and more headaches unless you really trust the contractor...  when something goes wrong the lag time will be much longer without you being there to notice and correct. 

@Paul Meyer. Go on…. I’m intrigued .   Feel free to message me !

Law Office of Jenny Colon just did one for me. Would definitely recommend   

Depends on price of property, my closing costs were around 3k not including state recording/tax etc.

@John Napier  Nice find!  Would love to hear the updates

@Christopher McCarthy  hey I sent you a message!  Might be able to help

Can definitely be done.

Shower thought…

Everyone's looking for the "perfect" BRRRR and getting hung up on that metric in my opinion, there's nothing wrong with leaving cash in a deal… I will certainly take a rehabbed rental for 30k…. That's a killer ROI still

I sent you a message !

@Collin Blackburn is right !  Those deals are tough to come by!   Don’t get so focused on multi that you miss out buying anything at all…. You can launch your investing career with a single family too, the important thing is to get the first one!   Just my two cents

Start networking with local investors, go to meet ups.

Rebuild your credit ASAP. Buy a house as a live in flip/house hack to build equity, it will take awhile, have patience.  That will jump start you building wealth.

In the meantime you could pursue wholesaling but most get burned out.  Getting your license is a better route to making extra income.