106 Fair Oak Fix & Flip

[Westin Kriser]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $185,000
Cash invested: $35,000

This is my first ongoing real estate deal! Purchased this house in a great neighborhood in town. Taken much longer than expected on the rehab, but learnt many lessons! Expecting to list around the end of January/beginning of February!

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

Acquiring a good chunk of change to dump into another deal.

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

Wholesaler brought it to me asking for $185,000, and with the market conditions, gave him what he was asking as to not compete with any other offers.

How did you finance this deal?

My father is in real estate, new construction, rentals, etc. I asked him if he would fund the deal and he agreed. So we're splitting profit 50/50.

How did you add value to the deal?

Currently finishing up the renovation, by tearing out many old built ins, repairing the pool (twice), fixing leaks, repairing drywall, and updating the property to demand top dollar.

What was the outcome?

Outcome is still pending, but I am expecting to get anywhere from $320-340k on the back end, netting my father and I a good profit on the deal. So let's hope all turns out well!

Lessons learned? Challenges?

vet your contractors and don't be afraid to put your foot down. don't only take people's word, do your own due dilligence. acquire references.

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

no.