First rehab investment property of Jerry Ellis Construction LLC

[Jerry Ellis]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $10,000

We plan on gutting most of the home and remodeling it. We just acquired the property and are finally about to get started!

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

Years ago before the economy collapsed, we used to fix and flip homes. We always wanted to do it again and we are finally getting back into it!

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

We found the home by driving around. The deal was a personal cash deal with the old owner from Florida. We just offered her a good price and she accepted.

How did you finance this deal?

We paid cash with a cashiers check.

How did you add value to the deal?

We told her we wanted to rehab the home and breathe new life into it.

What was the outcome?

It is currently still ongoing as we are just getting started with our remodel.

Lessons learned? Challenges?

TBD

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

We did not work with a real estate agent yet on this deal.