First flip on my own

[Zachary Palmer]

Investment Info:

Mobile home fix & flip investment in North Fort Myers.

Purchase price: $35,000
Cash invested: $20,000
Sale price: $95,000

Fix and Flip, Purchased from a neighbor that bought it from an older couple that could not take care of the home or themselves anymore. A real wiring nightmare with things everywhere and dead rats under the couch. Turned it into a nice bright home for someone to live in.

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

I have been working with a friend on his deals who has been flipping for about 10 years. Finally, getting started on my own business.

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

The neighbor bought it with the intention of fixing it up but due to health deterioration was not able to do so. He contacted my friend's company and they moved it along to me.

How did you finance this deal?

Cash with a small hard money loan. Credit card for materials.

How did you add value to the deal?

Ripped out all of the carpeting, living room built-ins, and the kitchen. New kitchen, flooring throughout, and new paint throughout. Removed all of the junk in the car port and painted the exterior.

What was the outcome?

Ran into some unexpected issues with having to run new power for the stove as well as having to run new water lines for the bathroom and kitchen. Also, termites were living in the kitchen so the home had to be tented.

Lessons learned? Challenges?

Take a closer look during due-diligence for appliance hookups and what type of animal/insect droppings are around.

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

Amanda Palmer- Fantastic real estate agent in Ft. Myers area. She helped me to sell this home before it hit market.