First house rehab completed, listed for sale!

[Joshua Waldron]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $109,000
Cash invested: $121,000

My first property to fix and flip. Went over budget and over schedule because I had to rehab a lot more than I initially thought. It is basically a brand new house from the foundation up. A lot of work went into this!

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

The purchase price was good, the ARV gave it a healthy budget for rehab

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

I used Jake Maines, Real estate agent in the area. Traditional negotiation

How did you finance this deal?

Cash

How did you add value to the deal?

I did a full gut job, rebuild on 90% of the house. Put $121k into the rehab.

What was the outcome?

The house is beautiful, fully renovated, ready to sell. Listed at $260k

Lessons learned? Challenges?

I used a contractor that did not speak English. There was a lot lost in translation. I did not manage the job as well as I could have. I had no visibility into the financial side because my contractor was a poor business man. So between the language barrier and the other issues, we blew past the budget.

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

I would recommend Jake Maines, my agent. He is fantastic.