Chronicles of a newbie

[Brandon Purdeu]

Well I'm officially under the gun. I am in contract on my first flip property and pretty excited to get going. I am in contract with a 1100 SQ FT SFH in North Carolina which I purchased for $31,000. Looking at an ARV between $80,000-$90,000 and repairs in the 20k range.

Just thought I'd share a little about the journey so far. When these pro's say find the right deal and financing will happen they mean it. I posted about this deal on the deal analysis page and had multiple investors contact me about helping make it happen! If your numbers are right the money will fall into place (of course a little work is required on your end).

Don't be afraid to offer a lowball price on a house that has been sitting not the market for a long time. This house was listed at $60,000, I offered $24,000 initially, and after some negotiation got it at $31,000. Motivated seller indeed and right off the MLS.

Work with your contractor. My contractor had and initial quote way to high, he wanted $7200 to repair drywall and paint the interior. I simply told him what I thought fair value was and asked him to come down to it and he did. I used the numbers off homewyse.com and just explained what I was looking for. 

I'm still pretty new in the process but thought I'd share. My inspection was held up today due to a water leak that the seller has to fix but hopefully I'll be back on track next week to get this flip rolling by the end of the money.