New Fix and Flip

[Shemar Ricketts]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $194,000
Cash invested: $6,000

This property need a lot of work, but I believe in two years time we’ll be able to sell for a decent profit.

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

The location is great, due to its proximity to the base we’ll be able to use renting or selling as an exit strategy.

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

Trulia, to negotiate I used my gut and it worked haha. Now I have little or 5 grand of equity.

How did you finance this deal?

VA loan.

How did you add value to the deal?

Talked the seller down 10 grand.

What was the outcome?

$5,000 equity.

Lessons learned? Challenges?

View a property in the daytime and nighttime to ensure light fixture work. Have a plumber and electrician inspect along side a home inspector. Repairs did not get complete until one day prior to closing!

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

My broker was Kelli Phelps and my realtor was Charles Adam. I can’t thank them enough for their knowledge and patience with me throughout the whole process.