First fix n flip

[William B Mcelmurry]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $100,000
Sale price: $140,000

Fix n flip

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

Opportunity to start a real estate portfolio of my own

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

I have purchased several classes. Started working with Armando Montelongo and flip this house.
I bought this house, direct wholesale, got it under contract. Using my knowledge, I estimated the remodel cost, Found the estimated Resale value using comps. Then made an offer and got it under contract.

How did you finance this deal?

Once I had the property under contract approximately $50,000 below market value, I contacted A private money lender.

How did you add value to the deal?

I put $2000 down to have skin in the game. Already knew how to build homes. I remodeled the kitchen and the bathrooms and the master bathroom. Replaced carpet, textured walls and painted.

What was the outcome?

I was able to pay back the private lender, and less than six months with the sale of the house

Lessons learned? Challenges?

Trying to save costs on affordable contractor just cost me more money.
Even though I had talked to my real estate agent about how I was investing and trying to rapidly move forward with this home. He was slow on selling it, believing that all the money was mine instead of trying to close the deal quickly so I could do it again. so I ended up spending my profits on the monthly mortgage payments.

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

Not at this time