BRRR'd this one at 5401 Live Oak Trail Raleigh, NC 27613. Bought 10/20/20 for 95k cash and put around 148k into the project totaling 243k. Appraised at 530k after the repairs so I cash out refied 396k. 396k-243k= profit of 153k. Currently cash flows me $1005/month. This was my first flip ever. Door knocked the same door for 8 months until they finally made the deal.

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

Left my full-time job working as a Subsea Engineer Offshore for numerous reasons. Found this deal, pulled 95k from my 401k to purchase and went all in. Rolled the dice, took calculated risk, and it paid off big time.

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

Was helping a lady across the street remodel her kitchen. Saw this home in bad shape with overgrown yard. Owner had passed away years ago and passed it to his two daughters who didn't do anything with it. Drove an hour away for 8 months door knocking the daughters home to try and make a deal. The city of Raleigh towards the end of the 8 months put a notice on the door saying they were going to fine 15k per month if the property wasn't cleaned up. Took a picture and used that as leverage.

How did you finance this deal?

Personal money to purchase home, and syndicated the construction cost through family.

How did you add value to the deal?

Worked my *** off building my network base with vendors on this deal. This one took over a year start to finish. Could probably do it in 3 months now, but it was my first deal and I didn't have full time employees at this point. I was calling 4-5 vendors to quote out every little job to make sure I wasn't over paying. This took a lot of time and energy, but now I have a general idea on what things cost and have my vendors lined up for any job.

What was the outcome?

Made about 140k profit after all expenses after my cash out refi and the property cash flows 1005/mo. I was extremely persistent on this deal to get it and took a big risk, but it ended up being a home run. I was lucky in the sense that I knew I could mess up big time and still make a profit due to the price I got the home for in the area/neighborhood I got it. This is a highly sought out area in Raleigh.

Lessons learned? Challenges?

1). Don't let your mind get ahead of itself. There is a solution to every problem you face.
2) Importance of self care. I was working such long hours on this one
3) Valuing your time and finding people you can trust is key.
4) Being my 1st flip. Exhaust all options to find right solution
5) KEEPING TRACK OF RECEIPTS and having a system to do so beforehand.
6) Track all numbers!!
7) You are here to make money not to live in the property. Know the difference.
8) Finding ppl u trust!!