My First Flip Deal is Finished

[Kiesha Curtis]

Investment Info:

Single-family residence fix & flip investment in Houston.

Purchase price: $155,000
Cash invested: $99,607
Sale price: $250,000

This was my first flip deal. We basically broke even but learned A LOT! I put together an LLC with 6 of my past clients, who didn't know each other but wanted to invest in flips...that was risky all in itself. I'm so grateful for my relationships with contractors because, if not for that, we would have lost a ton of money. We were able to replace the siding and the roof on the entire house, new A/C unit, rehab the entire interior (fixed foundation, new floors, paint whole house, new kitchen, new baths, install ceiling fans, reglaze windows, termite treatment, etc) for $50k. Home was sold within 3 weeks to an FHA buyer!

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

I'm a realtor, and a group of my past clients wanted to do a flip deal but none had the funds to do it alone. I introduced them to one another, put together an LLC, and helped them find the deal. I invested my own funds too.

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

it was in the MLS

How did you finance this deal?

cash and hard money

How did you add value to the deal?

completely rehabbed

What was the outcome?

We sold it, and broke even.

Lessons learned? Challenges?

Reliable contractors made all the difference. We saved a ton of money because we vetted our contractors.