Lucky First Flip

[Markus Timm]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $17,000
Cash invested: $40,000
Sale price: $119,000

This one was one heck of a rehab for a first flip. It needed a lot replaced but I was able to do most of it myself which saved a lot!

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

Building cash to acquire rentals.

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

Brought to me through a mentor I worked for at the time.

How did you finance this deal?

Cash

How did you add value to the deal?

New electrical, plumbing, drywall, flooring, bathrooms, kitchen siding, etc... 70% of that place was redone.

Lessons learned? Challenges?

Don't use the cheapest flooring to try to save some money otherwise you might end up flooring twice.