First flipping project

[Evan McCourt]

Investment Info:

Single-family residence fix & flip investment in Somers Point.

Purchase price: $90,000
Cash invested: $80,000
Sale price: $230,000

Our first flip was of a 3 bedroom 2 bathroom ranch home. We went into having already owned our personal home for several years and thought we had a solid grasp of what we were getting into. What a major learning experience this project was from all aspects, including financing, finding contractors, estimating rehab cost, etc. We wound up replacing the roof, the majority of the plumbing which was an old style of grey pex that was known for bursting, upgrading the electrical service, all new HVAC with ducting and so on. It was a major rehab that pushed us to our limits but amazing learning experience and not bad profits for our first project.

How did you finance this deal?

Hard Money