My first flip back in 2013/14 in Portland, Oregon.

[Alexander Phan]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $204,500
Cash invested: $60,000
Sale price: $311,575

My very first flip. Purchased this home direct from seller. Partnered with a real estate friend since I didn't have enough cash. We went in 50/50. Found a contractor through referrals. The kitchen was already remodeled so we didn't touch that. Refinished hardwoods, repainted upstairs interior, the home had an unfinished basement which we finished with drywall and carpeting.

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

I've always wanted to flip a property once I got into real estate. I was always worried because I didn't have enough capital saved and for what if situations. Finally landed one!

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

The seller originally hired me to list their home in the MLS which we did. After one week on the market and no offers, they pleased with me to find a buyer. I asked what they would sell it for if we had to lower the price and the number they gave was below what I thought. I asked if they would consider selling to me to which they were rejoiced to find out I would buy it. We had an appraisal done and gave them an exit clause if they wanted, they didn't. We closed the sale and got the remodel done

How did you finance this deal?

Private money financing. 2 pts, 12% interest.

How did you add value to the deal?

Refinished hardwoods, repainted interior, new hardware and fixtures, finished basement with drywall and carpeting.

What was the outcome?

Sold the home quickly and made a good profit.

Lessons learned? Challenges?

No challenges, just learning the ropes, finding the right people to do the work and holding them accountable.

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

I was an agent at the time.