First Flip Connecticut

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Hey all, my name is Mike and I'm just getting into the real estate investment world.My first flip was purchased in April of 2015. I took the plunge like so many others after watching house flipping shows on TV. 

Research brought me to biggerpockets where i learned all the things i thought i needed to know to flip houses like a pro. I listened to every podcast twice, read over 12 books on real estate investing, and lurked on the forums.

I purchased a single family residence that had been on the market over a year in Wallingford, CT. All the preparation in the world could not have made my first deal smooth sailing. I went through some ill equipped contractors, some dishonest subs who took the money and ran, and stumbled through a 70k full gut not knowing anything about construction while working a full time job.

This project took me a year to complete and i learned so much about the business. I have to say all the hassle was worth it because i didn't lose money on the first deal!

Purchase Price: 115,000

Sales Price: 245,000

Rehab: 70,000

Holding: 15,000

Closing Costs/Concession/Commission ~ 17,000

Numbers are rough as I didn't keep the best records with all the different contractors and the fact it was over such a large time frame, something I will be improving on in the future because records are so important. 

I could not have done this without the help of my mother who partnered with me on it. She brought the expertise of being a seasoned appraiser and real estate agent in the area.

I have my next house under contract and will be keeping a running diary to keep myself accountable. Look forward to the continued learning that is provided on this site.