Flipper in the 90's

[Juan Ricoy]

Investment Info:

Single-family residence fix & flip investment in Gorum.

Purchase price: $20,000
Cash invested: $20,000
Sale price: $60,000

Small, two bedroom, one bath house.

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

Other family members were investing in the area and a wholesaler offered me this property.

How did you finance this deal?

Hard money loan. Vanguard Funding.

How did you add value to the deal?

I did a lot of the repair work myself. Coordinated and contracted out the rest.

What was the outcome?

Young family purchased it from me as a their first home. They were very proud of the customization they were able to do to the house (we sold them the standard, fixed-up generic home).

Lessons learned? Challenges?

1) How to purchase, fix-up and sell and rehab home.
2) Pay days are very nice, but few and far between if you are only working on one deal at a time.