First Flip! Single Family Home in Modesto

[Trenton Luera]

Investment Info:

Single-family residence fix & flip investment in Modesto.

Purchase price: $250,000
Sale price: $510,000

This was our first flip and it was absolute blast! Went really smoothly with our contractors up until the end as the shower ended up being not completely finished, and so we had to compensate for that. Other than that it went well and could not have asked for a better first flip.

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

Wanted to get started in SFR investing and this opportunity was presented to us.

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

Found it through cold calling and was able to agree on 250,000 as it was a inherited property that was just sitting there. Had recently been broken into as well.

How did you finance this deal?

Private money

How did you add value to the deal?

Did a complete flip, except for the roof. Opened up the living space by knocking down a wall. Put in new doors, flooring, and cabinets. Put in a new HVAC and did a complete landscaping overhaul.

What was the outcome?

We were successful and were able to flip it in about 4 months with a solid profit.

Lessons learned? Challenges?

Over the course of the flip we learned how to manage contractors, and at the end how to negotiate with buyers when something unexpected happens like with our shower being not finished.

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

Our agent was Seth Choate and I would highly recommend him to others.