My First fix & flip

[Britt Taylor]

Investment Info:

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

Purchase price: $180,000
Cash invested: $40,000
Sale price: $299,000

4 family flat, 3 units occupied rents all at $625.00 increased all to $750 with 3 month,6 month,12 month and month to month options. All residents stayed through 12/2021 then we sold the property.

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

The price was right and the fact that it was 3/4 occupied.

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

We found the deal just on Zillow and talked it down from $195k due to the conditions.

How did you finance this deal?

VA loan

How did you add value to the deal?

We remodeled every unit bringing the value to $1200 a month from $625.

What was the outcome?

The outcome was good, it was a JV deal so we split the profits.

Lessons learned? Challenges?

I would have bought in a different neighborhood with better comps to have a higher ARV value. I would have actually keep the property and corporate leased or air bnb each unit. I got wind that what the new owner did and they are making $1600 for 3 month leases.

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

Yes, absolutely would recommend the agents I worked with.