First live in fix and flip

[Zachary Newman]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $153,450
Cash invested: $29,870
Sale price: $234,900

3 bedroom house - renovation (all new floors, windows, roof, kitchen, and guest bathroom upgrade.

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

bigger pockets and my father doing a side business contracting work. I learned almost all I know and used from working with my dad as a kid and bigger pockets.

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

General house hunting. I asked an agent to find me the worst (dirty or broken) homes she could find. I agreed initially to everything they wanted and got it under contract. After the inspection was complete I asked for 30,000.00 off the price due to damages and other issues. They said no at first and had a second opinion given to them by another contract team. After that they agreed to my terms.

How did you finance this deal?

VA Home loan

How did you add value to the deal?

all new floors, windows, roof, kitchen, and guest bathroom upgrade.

What was the outcome?

Almost $60,000 in profit and a lot of mistakes and lessons learned especially since I am not from texas.

Lessons learned? Challenges?

Things usually cost more than my original estimate.