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:

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?

-2 contractors= NO contractors. Choose one contractor and go with it
-Don't paint smoke rooms - Rip out smokey sheetrock instead of trying to paint them ... repeatedly
-Buy a home warranty - we had an AC on the way out....and i didnt buy one- it died 2 days before keys were handed over; it cost me $8K

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.