My First Hands On Fix and Flip

[Bijanh Rodriguez]

Investment Info:

Single-family residence fix & flip investment in Slatington.

Purchase price: $45,000
Cash invested: $55,000
Sale price: $130,000

This was a bank owned property which they were selling for around $65,000, then we negotiated to get it lower by $20,000.

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

After making my analysis I noticed it was bank owned, so I made an offer.

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

I was presented with this property with my realtor.

How did you finance this deal?

I got a hard money lender to fund it, then private money to pay for the down payment and monthly payments, with the promise that the deal will pay them back with a good return in total.

How did you add value to the deal?

We upgraded the kitchen, renewed the floors, added stainless steel appliances, then made the attic a finished bedroom.

What was the outcome?

It's still for sale, at around $130,000 from originally posting it for $165,000.

Lessons learned? Challenges?

Make sure to have the scope of work detailed correctly before moving forward with the project. It could lead to a surprise.

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

I had my agent present the deal to me and a hard money lender work with me on this project.