My First Flip Alone!

[Christopher Burgos]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $578,000
Cash invested: $68,000
Sale price: $819,000

My first flip on my own. Nice little cottage in beautiful Hillcrest, San Diego! 2 bed 1 bath 600 sqft and turned it into 2 bed 2 ba with all updated floors, paint, countertops, cabinets, appliances, etc. I panicked because the home was built in 1918 and with all the headache I saw coming I didn't know if I could get my money out. Luckily, I found out that the home was classified as a historical home so we were able to recoup our money and actually made a 32% ROI

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

I wanted to get into my first flip

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

A Wholesaler sold it to us

How did you finance this deal?

Hard money loan with 212 Loans

How did you add value to the deal?

We did a full cosmetic renovation pluse added plumbing and electrical for a new bathroom

What was the outcome?

A beautiful little cottage that made us a 32% ROI

Lessons learned? Challenges?

I was trying to do too much work for it. I was relying too heavily on only one contractor that had only done a few jobs for me. After seeing how much longer it was going to take I did my due diligence and gladly found the historical reference of the home which helped us add 16% more value

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

No