Fix & Flip | SFH | Very First Flip

[Ryan Copeland]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $54,000
Cash invested: $41,000
Sale price: $175,000

This was a partnership with my nephew. I partnered with him because he knew the area and could be boots on the ground. I had the finances, he had the relationships and experience.

The property needed some work. It was heir property, the was owned by the brother of a man who had died. He lived out of town and didn't want to keep the property. The bathroom walls were torn out and there wasn't a tub/shower. We restored the property to new glory and created a nice new home for the buyer.

Video Walkthroughs: https://youtube.com/playlist?l...

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

It was a way to turn a profit and be able to use the proceeds to buy more real estate.

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

The deal came through a pocket-listing from a realtor that my nephew has a great relationship with. Paid asking price.

How did you finance this deal?

Conventional Lending

How did you add value to the deal?

LVP Flooring, Tiled both bathrooms, new paint throughout, granite countertops throughout, new carpet, new appliances, panted cabinets.

What was the outcome?

A nice profit and a very nice home.

Lessons learned? Challenges?

Lessons Learned:
1. It's VERY hard to find good carpenters. The other tradespeople seem to be easier to find and work with.
2. Sub out the flooring to someone who specialized in that one thing.
3. When using sub-contractors, find people who are good at One-Thing.