Our first flip - 1878 Victorian

[Tracy Franks]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $332,500
Cash invested: $197,500
Sale price: $540,000

Our first flip. 1878 Victorian / 1900 Storm Survivor. Converted from 3/1 to 3/2.

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

Acquired home via a wholesaler.

How did you finance this deal?

Hard money and our cash.

What was the outcome?

This was long and painful. We were definitely schooled. Fortunately we didn't lose money, and came out a little ahead in the end.

Lessons learned? Challenges?

Finding a contractor that is capable of doing the work and at the quality we needed was a challenge. Prompted us to implement a contractor agreement on our second deal.

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

Yes! My selling agent Amy Kershner. Helped us pick finishes and works with investors at 1.5%. Used her to aquire our second deal and she will be selling it for us as well.