First Home Flip Ready!

[Phil Leighton]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $212,000
Cash invested: $13,000
Sale price: $275,000

First flip bought in May of 2018, this was a lived in flip and went slow. Did as much work as I could learning from YouTube and hiring out for the bigger jobs like taking down a load bearing wall. About to put up for sale, on track to make a decent profit.

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

Was ready to purchase my first home but knew a rehab was a good idea. I first saw this house and it was so ugly that I was immediately turned off. After looking at several others, it stuck in my head for the size, area, and the bones of the house were good. I knew there was a lot of little things that could be done to make it look great. Didn't really know what I was getting into but it all has worked out (so far).

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

Found on MLS and used a realtor. Didn't have a great experience with the realtor but loving the one I'm currently working with now.

How did you finance this deal?

Traditional and received a purchase plus loan to assist me with some of the rehab costs.

How did you add value to the deal?

Rehabbed everything that I could myself, got help from some family and friends with the labor. Hired out for a load bearing wall to open up the kitchen/living room.

What was the outcome?

Outcome has been great but still have to sell. Not putting it on MLS just yet as I'm still looking around for deals.

Lessons learned? Challenges?

My next project I will approach with much more organization. Went into this flip sort of winging it and tried to deal with problems as they came up, and tried to do most rehab jobs to save money. It was cheaper but took longer. I have a much better idea now on what to hire out for and hope to find contractors that I can trust and continue working with.

[Account Closed]

Great Job Phil, you just reminded me of the "Head-First" series.

Quick questions in your analysis?

Did you factor in the cost/profit of holding/living in the property for 10 months? - mortgage, utilities, etc.

Was living in the property more financially rewarding than renting someplace else.