KCMO Fix and Flip #1

[Cody Petersen]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $85,000
Cash invested: $12,000
Sale price: $155,000

Bought this SFH with two other partners as a fix and flip. Purchased for $85k with about $25k rehab, all in at around $110k. Sold at $155k, minus commissions and fees we profited around $35k. This was our first attempt at a flip, we learned a lot and made a profit. I would say it was a success!

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

We found this deal from a wholesaler.

How did you finance this deal?

Hard money

How did you add value to the deal?

Cosmetic updates

[Steve Redd]

Congratulations Cody! That sounds like an awesome flip. How did you meet your partners? Did you meet them in the REI community, or did you know them before (family or friends)? Also, how did you break down roles and profit sharing? I'm curious since I am partnering with my brother. He is bringing the cash, and I'll bring the deal and all the rehab work. I'd like to hear how others break down their partnerships.