First Fix and Flip

[Travis Feldewerd]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $95,000
Cash invested: $63,000
Sale price: $275,000

Older home. Fix and Flip. Full gut to studs. Everything new after that. Plumbing, HVAC, Electrical, Sheetrock, Cabinets, Flooring, etc.

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

I was looking to build my investment account with a fix and flip

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

A friend of mine was looking for an investor, he made me an offer and I took it. We didn't negotiate much, I was happy to have the opportunity since it was my first deal.

How did you finance this deal?

Cash

How did you add value to the deal?

Full gut and rehab added property value

What was the outcome?

After both of our expenses we ended up breaking even after some unforeseen expenses

Lessons learned? Challenges?

I learned I needed to do more due diligence in the beginning. We missed multiple large expenses. We went way over budget because of this and it also took longer than we were originally hoping. In the end we broke even and learned a wealth of knowledge.

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

No