Thompson CT Duplex Fix and Flip

[Jeremy Bourgeois]

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $155,000
Cash invested: $55,000
Sale price: $240,000

I did almost all of this project myself. It took me about 6 months. I flipped one of the units and left the other one in the same condition I bought it in, as it was occupied by tenants. I also used my accumulated experience here to start a remodeling company, where I helped local homeowners with their projects

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

I really wanted to get into my next flip and keep learning about real estate

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

I found it through one of my partners, a local wholesaler

How did you finance this deal?

Hard money, and I sold my car to pay for the down payment

How did you add value to the deal?

I completely renovated one of the units. It was down to studs when I bought it and I did almost everything except for plumbing and electrical myself. It was a great property when it was sold, with multiple offers over asking price.

What was the outcome?

I made $15,000 on this deal after all expenses. Definitely not a big win for the amount of time and effort it took.

Lessons learned? Challenges?

I got too focused on 'getting the next deal' and paid a price that was too much for the property and the condition it was in. The entire project challenged me, as I had to essentially become a contractor (didn't have the money to hire anyone). I also put all of the materials for the project on credit cards (don't recommend) so I was about $30,000 in credit card debt before I finished and paid off my debts. I didn't do enough due diligence on the property and how much repairs were needed.