First Fix & Flip Property

[Matthew Rochat]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $185,000
Cash invested: $44,000
Sale price: $275,000

This is the first property that we fixed and flipped at Wichita Home Link. It was a fun and cool experience all together. I also earned more money in 1 flip than I did in an entire year of being a real estate agent.

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

I read some books about real estate investing and got lucky enough to know some friends that were interested in starting ramping up their flipping side of business. It worked out well and we started working together on a regular basis.

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

We found this property through bandit signs and gave a singular offer that was our highest bid for the house. The home owner accepted and that was that.

How did you finance this deal?

My business partners had the money to put down on the house but if they didn't we would have gone to a hard money lender and found one to make it work.

How did you add value to the deal?

We redid the entire kitchen and all three bathrooms, as well as new paint and new flooring on the main and upstairs levels.

What was the outcome?

A new mindset on how much can be made in the flipping side of real estate.

Lessons learned? Challenges?

It was a decent bit of manual labor since it was my first house and we wanted to keep the costs down. The main lesson I learned is that if you think bigger then you receive bigger.

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

Justin and Krista Chandler in Wichita were the real estate agents and business partners on the house.