The Great Pandemic Flip

[Oliver Perry]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $85,000
Cash invested: $85,000
Sale price: $199,000

A Great first flip for myself and a welcome backflip for my mentor. It was a great first lesson in flipping and I learned a lot from this experience. My Mentor has and continues to be a positive influence in my life.

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

I wanted to try flipping

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

Deal was found through one of my mentor's contacts

How did you finance this deal?

put in about 5K from what I had and my Mentor covered the rest. The vast majority of my investment was in sweat equity. Breaking tiles, delivering tools and materials, and even taking out a Steel Tub I did all I could to bring value in every way I had the ability to.

How did you add value to the deal?

I worked on the site during the pandemic, alongside my mentor and the rest of the team.

What was the outcome?

We didn't make much money on this deal and my mentor barely came out even. I learned a lot about what it takes to flip a home and how much work is required.

Lessons learned? Challenges?

I learned about flooding in a basement and how it can destroy your investment numbers.
I learned that much like the military the structure of a project's execution is important. It's important to schedule your skilled labor correctly and in order.
I learned what hard money lending is to work with
I learned what it takes to make a property sale.