My first attempt at flipping for a business.

[Alex Place]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $190,000
Cash invested: $68,829
Sale price: $299,633

This was my first ever flip. I did 90% of the work myself, only using contractors for large electrical, plumbing, and construction projects. I learned a lot about what to do myself, what jobs to hire someone for, and just how long it can take when you are by yourself (or when the wife is away working, working with your kids there).

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

My wife and I bought our first house which was a massive fixer upper; gutted 3 bathrooms, the kitchen, and the basement, refinished the floors, removed years' worth of black mold, and polished the exterior/yard. This netted us $100k after 2 years of owning and living in it.

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

My realtor is the best and found it for me.

How did you finance this deal?

Cash is KING.

How did you add value to the deal?

Gutted the kitchen and upstairs bathroom, new paint, trim, finished the screened-in porch, LVP in halls, bathroom, and kitchen, carpet in bedrooms, painted exterior, cleaned up yard.

What was the outcome?

We made just over $40,000 during the height of COVID, proved we could do it, and the profits financed a STR.

Lessons learned? Challenges?

So many!

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

Greer Jones Properties. She's awesome and we use her for all our deals.