First flip! Peekskill, NY

[Owen Santangelo]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $240,000
Cash invested: $50,000
Sale price: $406,000

First flip. All work was permitted and done by my partner and I except for electrical and gas work. We were able to keep cost low, but it ate up every single weekend for almost a year.

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

Fix and flip

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

On the MLS through an agent.

How did you finance this deal?

Conventional mortgage

How did you add value to the deal?

Complete rehab

What was the outcome?

We each walked away with around 50k in profit

Lessons learned? Challenges?

Doing the work ourselves kept cost low and taught us a lot of lessons / new skills, but next time it’s better to hire certain subs (tapers!) to finish work in a timely manner and keep holding costs lower.