My first flip deal, that was supposed to be a buy and hold.

[Nate Ward]

Investment Info:

Single-family residence fix & flip investment in Waco.

Purchase price: $5,000
Cash invested: $2,000
Sale price: $18,000

first real estate deal. cash purchase, I was planning to buy and hold but end up selling for a small profit. I made the mistake of purchasing in an undesirable neighborhood.

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

I read rich dad poor dad and decided to buy something!

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

I found this property by searching tax records. Yes, I negotiated, the owner was asking $25k, I offered $5k expecting a counter, but he accepted the $5k cash.

How did you finance this deal?

This was a cash purchase.

How did you add value to the deal?

I sort of added value. I cleaned the property, it was filthy. Did some cosmetic fixes, very mild.

What was the outcome?

The outcome was a small profit but fell short of my initial goals.

Lessons learned? Challenges?

Lots of lessons learned. Buy in a better area. Account for all expenses.

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

No, I did this on my own. I am now a real estate professional.