You always remember your first

[Brian J. Dearing]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $661,000
Cash invested: $90,000
Sale price: $1,126,000

4/3.5
3290sf
1/4 lot
Built 2004

Sold: 1,126,000
Bought: $661,000 ($650,000 for the house + $11K for title insurance, taxes, and closing cost)
Rehab: $90K
Holding Cost: $15K
Realtor Fees: $67,000
Staging: $2700
Inspection: $450
Total Time in Deal 2.5 Months

Profit: $290,000
ROI: 34.69%

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

The numbers were solid.

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

I met the owners through one of my text messaging campaigns. They stated that this was the home of the husband before they were married and needed to get rid of it. It was previously listed and they had a bad experience with their agent so before they relisted it I asked if I could take a look. I was honest and said they could relist and probably get more money than what I was going to offer but I made my offer anyways. They liked that I was honest and I got the house.

How did you finance this deal?

I used a combination of hard money to finance the home and part of the rehab and a private loan from a family member for the gap.

How did you add value to the deal?

I installed new flooring throughout, new countertops, new lighting and water fixtures, updated the master bathroom, and painted the cabinets.

What was the outcome?

We listed for $899K. Over 150 people showed up for our open house. From that, we had 15 offers over $1M, ten were cash, and we accepted the second highest offer because I liked their letter.

Lessons learned? Challenges?

1. Don't listen to the naysayers and trust your gut.
2. Always do a walk through with your contractor/GC
3. Be careful who your hire to do the work.

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

Jacqueline Lembesis- She was instrumental in this projects success. Whether it be updating me on comps or giving her opinion on finishes buyers like. She was my go to multiple times during this process. She also killed it with the marketing and staging.

Easy Street Capital- They gave me a great rate and were helpful in guiding me every step of the way.