A clear summary of my talents and abilities

[Aaron Lynn Brown]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $66,000
Cash invested: $30,000
Sale price: $169,000

My First Flip!

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

I lived next door, growing up it belonged to the original homesteader, a little old lady named Thelma. I used to mow her lawn and shovel her side walks. After she passed it became a rental to a slum land lord and after one of his tenants destroyed the property while having 8 people living inside it's 950 sq ft, he and I had a conversation and I bought it from him as-is for 69,000 and he didn't have deal with the mess they left. I only saw $$$ 😁

How did you finance this deal?

I obtained a commercial loan that was a 1 yr interest only and required 25% down which I borrowed from my step father to be repaid after closing plus a $5000 payment. The commercial loan allowed me to draw up to 85% of the ARV as needed and allowed me to fund the Renovation. I had to extend the loan once and completed the entire thing in just under 2 years while working full time.

How did you add value to the deal?

Changed the Floorplan from 3br1ba to a 2br2ba w/ Master on suite. Added a detached garage. And I put all quality materials and high end finishes throughout. Crown Molding. Custom Cabinetry. Etc etc

What was the outcome?

A result not typical to a first time flippers first deal.

Lessons learned? Challenges?

Yes.

All of them.

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

Scott Pfieffer