First Fix and Flip - with lessons learned

[Gabriel Miritello]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $124,000
Cash invested: $93,000
Sale price: $268,000

Complete renovation. 3/1 to 3/2 1008 SQFT - Floors to AC, paint to roof repair, kitchen gut to adding a full bath.
Key lessons learned:
-2 contractors= NO contractors. I tried to save money by subbing out different jobs to a separate contractor. This cost me in time and frustration between contractors.
-Don't paint smoke rooms - We have a room that was heavily smoked in. Instead of ripping out the sheetrock and redoing the room I decided to go the less expensive route and painting the room. 1 coat of Killz and 3 coats of paint later we finally fixed the issues. lot of time wasted and money spent - just rip it out
-Buy a home warranty - the AC was weak - we tried to push through with leaving it as is with a tune up. However 2 days before keys were handed over - the AC died....i should have purchased a HW day 1 knowing it was on its last leg....and transferred the HW to the new owner
-KEY WORD alerts on BP are awesome - found this deal because i had the Key Words set and it pinged me of a seller looking for help on this home

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

The price was good but the area was great. I caught it in the middle of the price increase madness of 2022....and sold just before the bottom fell out. If i sold 2 months earlier - I would have made an extra $20K easily.

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

Found on BP by using the key word notification. Seller had a 3 pack of homes and his financing fell out 2 days prior to close over Christmas. He wanted me to fund the house and I wasn't interested. He instead offered me this one and took the other 2 in order to save the 3 pack deal.

How did you finance this deal?

Cash out of pocket. I had sold a few homes in the previous year.

How did you add value to the deal?

Complete reno - see pictures

What was the outcome?

Over budget - over time - lots of lessons learned....and still made good money after all fees.

Lessons learned? Challenges?

explained in the description

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

Yes - reach out and ill pass along those in the area I would recommend.