First Buy/Flip Property

[Luis Morales]

Investment Info:

Single-family residence fix & flip investment in Haines City.

Purchase price: $10,100
Cash invested: $70,000
Sale price: $116,000

Completely Remodeled!!! Almost everything is Brand New!!! This Block Home located in beautiful Haines City/ Lake Hamilton City has a New Architectural Shingle Roof, New Energy Star Double Pane Windows, New AC Unit, Dry Wall, Floors, Plumbing, Electric Box, PVC Windows, Wood Kitchen Cabinets, and Stainless Steel Appliances. Just a few minutes from Supermarkets, Supercenter Stores, Malls, Banks, Restaurants, and Legoland.

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

I have seen people flipping houses for the last 15 years. Flipping houses is something that I was looking to do for long time, but it was impossible until I started working as a real estate agent. You have to do a lot of research and meet the right people if you want to find a good deal.

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

This was a REO and I negotiated directly with the listing agent and the bank.

How did you finance this deal?

This was a cash deal.

How did you add value to the deal?

We renovated the whole property. Brand new roof, windows, kitchen and bathroom cabinets. Also brand new electrical, plumbing, AC and flooring.

What was the outcome?

People were interested on this property even before we finished the rehab. Once we put it on the market more than 10 buyers came during the first week. We got a solid offer almost 4 weeks after we listed for sale.

Lessons learned? Challenges?

This was a great flip. We learned a lot because we had to fix everything on this house. The process of hiring the right contractor, permits, etc. was a little bit difficult but we found the right people and the city inspectors helped a lot during the whole process. Buyer is really excited.

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

I am a License Real Estate Agent.