First flip!!! Blunders and Mistakes.

[Niral Parikh]

Investment Info:

Single-family residence fix & flip investment in Bear.

Purchase price: $247,000
Cash invested: $370,000

500 Coach Drive, Bear DE 19701.
https://www.redfin.com/DE/Bear/500-Coach-Dr-19701/home/44995080

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

Curiosity and willingness to learn.

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

State Auction

How did you finance this deal?

Cash saved

How did you add value to the deal?

Remodeling the entire house and creating a value add by adding an extra bathroom and partially finishing the basement.

What was the outcome?

Listed for sale.

Lessons learned? Challenges?

Always look for septic and other major concerns that may come up. I had to change the roof, collapse the septic and convert to sewer. House had three different flooring, etc. I blew through all the contingencies and spent 20k on top of the max budget I was supposed to spend.

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

Maduri Parikh, Real Estate Agent in Delaware.