My first flip

[Omar Borjas]

Investment Info:

Single-family residence fix & flip investment.

Sale price: $169,000

In April 2023, I took my very first leap into house flipping. The property purchase marked the inception of a thrilling journey that would consume the next six months of my life. Recognizing the significance of major renovations, I wisely enlisted the assistance of a seasoned contractor, ensuring that critical work was executed with professionalism and precision. Not one to shy away from hard work, I rolled up my sleeves, personally taking charge of tasks like painting, hardware installation, and adding those vital final touches. This hands-on approach not only helped me save on costs but also allowed me to infuse the property with a personal touch, making this inaugural house flip an unforgettable endeavor as I established myself as a new flipper in the real estate market.

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

I found the listing on Zillow and immediately knew it was mine. I put an offer in, and to my disappointment, I got outbid by another eager buyer. Luck was on my side when the winning bid's financing fell through, giving me a second chance to bid, and this time, I emerged as the proud owner of the property. I managed to snag the deal by offering 8K below the asking price, making it an even sweeter victory.

How did you finance this deal?

Investment property mortgage, 15% down with PennyMac

Lessons learned? Challenges?

Many lessons were learned navigating my first flip, it was a rollercoaster ride full of challenges.

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

Many thanks to Aleksandra P. at CashCallMortgage for helping secure the loan, the buying agent Randall M. and the selling agent Sally C., to the contractor Miguel G. and the handy man Blake D. for all the help with the little tasks.