First Flip, offer accepted, on to the next!!

[Tanya Rooney]

Investment Info:

Single-family residence fix & flip investment in South Saint Paul.

Purchase price: $107,000
Cash invested: $33,000

Contributors:
Amy Ranae

First Flip house was purchased in August, out on the market in a November and offer accepted in December. Closing January 2019!

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

I enjoy construction projects and thought this was a great way to start out. It’s also what I was able to find for a deal!

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

MLS with the help of my agent Jamie Abraham with Brick & Banister. My first offer was $24k lower than asking ($108k). We settled on $115k. Three days prior to closing the appraisal came in lower than our ARV's so either more money was needed for funding, a new price needed to be negotiated or I had to walk away. New price was negotiated at $107k.

How did you finance this deal?

My savings account and hard money from pine financial.

What was the outcome?

Flip took a little under 3 months. The house sat on the market for about 5 weeks. Closing is set for January 2019!

Lessons learned? Challenges?

My husband and I both learned the value of time in very different and beneficial ways. I need to go with my gut more often and he needs to know when to say hire that out! Next time we will use more subs and contractors for the work and we will push harder on the schedule!

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

Amy Ranae owns Brick & Banister Brokerage and her agent Jamie Abraham does flips and rentals so is a great partner to find flip deals with!