Learning moment from the first try

[Derek Farmer]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $110,000
Cash invested: $150,000

This is our first deal as a full family (Parents, sister and brother in law, me). Bought it as a potential long term / medium term rental but now are looking to just flip it!

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

It was a value add and we would potentially be able to make money in a flip

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

I believe my mother found it on Zillow. There was not alot of negotiation and now looking back I believe that we overpaid for it

How did you finance this deal?

We paid cash

Lessons learned? Challenges?

Look at more deals before we close on a deal. This was the first one that we looked at and because it was close to all of us to work on it, we jumped on it.