21 yr old, first flip 21k return.Highly motivated, eager to learn

[Alexander Wensjoe]

Hello! My name is Alexander, I am a 21 yr old part-time college student looking into invest full time, I have been in the cell phone industry , face to face sales after high school , I am highly motivated to buy and flip in the Miami area and in the future get some rentals. I have been able to successfully close my first deal this month, with about little over of 20k return after hold and rehab costs. My mother is a real estate agent as well flipper with my father and helped me find a man who was in need of a short sale, she went through and got him on board, we helped him and helped our selves. I was able to get a private loan for the full purchase price of this property in Miami for 28k, 2 bedroom one bath, it needed ALOT of work. I put no money down with this private loan, which was great! And only paid closing costs of about 3k. I rented out the property to the prior owner for about 6 months at about $500 with my loan monthly payments being $300, my plan was to pay off the private loan with my personal money within a year and keep it to fix up and have as an rental, this after market value cost was about 130k and 200k if I took the whole property down and built a new home. But the capital was not there for me nor did I get a lender. So I decided to do minor fixes on renewing the kitchen , the AC , and paint. In the midst of getting this almost done I received a letter from a local investor interested in my property. We made contact and signed a 60k contract, and ended up agreeing to 56k due to an inspection contingency, the property needed about 42k to be fully rehabbed and properly staged. It needed a new roof, new flooring, rebuilt bathroom, it needed work. But I made my profit with quiet frankly not much effort. Purchased it, rented it out to the prior owner for a few months because I got caught with some other things and then flipped it quick to an investor who can go further with the property. There's many things I have to learn, and to get better at but I am highly motivated! I am in the Miami area , and currently saving to get some more capital and would love to learn and listen from other experiences and some advice on what I could have done better! Nice to meet y'all!

[Jon Ree]

Sounds like a great learning experience for you. You went through the process and negotiated yourself a profit. Take your mom and dad out for a nice dinner and find the next property.