My First Flip

[John Steffen]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $82,000
Cash invested: $8,000
Sale price: $163,500

Remodeled my first flip TWICE before selling...double the experience and lessons learned! First GC got 70% complete, changed his name and vanished. Second GC undid all the work and started from scratch. Still walked away with a whopping $3500 profit! Thank goodness we bought it right.

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

The best neighborhood in Tarrant County that still offered sub 100k opportunities.

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

MLS. Originally listed for $149k. Sat on market for 4 months before they dropped to $125k. That is when I offered $90k. They went under contract with another 2 investors, each who backed out after inspections. We knew he was a frustrated seller who did not want his time wasted again

How did you finance this deal?

Hard money

How did you add value to the deal?

full remodel

What was the outcome?

Sold to a happy first-time home buyer.

Lessons learned? Challenges?

Many.

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

Rockstar hard money lender - Ryan Blake at Long Horn Investments