Worst Flip ever - you live you learn

[Nick Webb]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $189,000
Cash invested: $30,000
Sale price: $290,000

Rehab Project - used a new hard money lender and had partners in the deal. honestly project didn't go well, I ended up SLEEPING IN THE PROPERTY, working on it by my self. I PAINTED, DID MOLDINGS, TRIMS, INSTALLED DOORS. it was definitely a turning point in my real estate investing plan. I just wish I had more pictures of me actually working in there.

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

A investor found the deal, we put the deal together on the surface it made sense.

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

My partner did that

How did you finance this deal?

Hard money BD CAPITAL LLC.... not a bad company but they can't work magic for bad deals... but the renovation budget should NOT have gone towards mortgage payments, we were caught with our pants down.

How did you add value to the deal?

blood sweat and tears...

What was the outcome?

a sale, and we broke even I think...

Lessons learned? Challenges?

well the draws were eaten up by the mortgage payments, we had to put way too much capital down, ran out of renovation capital and I ended up doing plumbing, and all types of stuff to get this project completed. scary stressful real estate insanity, however like the most (magical events) I was able to get my passed inspection and certification from the city (I HAVE NO IDEA HOW)... and the buyer closed... this deal still gives me anxiety I know its has been bought and sold a few times since then.

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

Id like to thank ME. for not giving up and Id like to thank me for believing in me.