Single Family Fix and Flip - First flip for me

[Bruce Hanson]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $40,000
Cash invested: $42,500
Sale price: $149,900

Bought a house wholesale. It was a hoarder home. Total gut. Fixed and flipped in 3 months (plus time for closing, about 3-1/2 weeks).

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

Great price wholesale, great community to fix and flip.

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

Bought from a wholesaler.

How did you finance this deal?

All cash.

How did you add value to the deal?

Complete gut and rehab. New floors, new HVAC (added AC), new cabinets, new appliances, new doors, new bathroom, new windows. Complete yard renovation.

What was the outcome?

Nice flip. Great profit. Great home addition to the community.

Lessons learned? Challenges?

Need better local contractors (what else is new). Pay for quality, it's worth it.

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

Alex Nickla sold it for me. He's the man.