My first flip

[Tiffani Sinclair]

Investment Info:

Condo fix & flip investment.

Purchase price: $345,000
Cash invested: $25,000
Sale price: $445,000

This was a condo built in 1983, and was lived in by one person, and minor updates over 25 years. We rehabbed cosmetically and gave it a whole new facelift. This was on the market for 3 days with 3 offers.

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

We were looking for our first opportunity and a family friend, was older and needed to move, but was afraid of where to start. We offered for her to move, and only take what she wanted and leave the rest. This was a huge relief for her, and helped her move to her new home. This was a win for all of us,

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

I requested her family to be present, and brough in comps, and talked about the conveniences. We also took care of the movers, and everything that was left in the home. I wanted to make sure the whole family was in on the decisions and paths

How did you finance this deal?

hard money - heloc on my home for the DP

How did you add value to the deal?

offered full service help. I moved her. took care of her items, and went over for inspections and appraisals, so she was comfortable, I also called her bank for payoffs and walked her through all of the legal information that was needed. I made sure not to overwhelm her and did all of the legwork

What was the outcome?

She moved with ease, and we had out first flip

Lessons learned? Challenges?

Lots.. We did too much, I need to step away more and trust others to do the job. I also OVER updated.. I get caught up in what I want, and can over spend.