The first flip project that gave me the real estate "bug".

[Justin Carter]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $14,500

Cash invested: $40,000

Sale price: $75,000

This project was an interesting project. We almost didn’t purchase because it was in such bad shape and we didn’t want to undergo such a massive project for our first flip project. This was a whirlwind of a project with so many things that we did not anticipate. We went through many contractors, overpaid for simple work, and tons of delays. Once it was completed we were excited to have completed our first project and shocked by how great it looked in spite of all the challenges.

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

I was able to purchase it pretty cheap and it was a smaller house so I didn't think I was over extending.

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

I found this deal on the MLS, it sat on the market for over 60 days. We negotiated with a cash offer and quick close and was about to get $10,000 off list price.

How did you finance this deal?

Personal savings and Credit Card for materials

How did you add value to the deal?

This was a complete gut/remodel. We touched every inch of this house. The value I a

What was the outcome?

Great interest with it selling

Lessons learned? Challenges?

Biggest challenges were under estimating how difficult it would be to get good contracts to complete the project. Investor savvy contract aren't in abundance in my region, so we learned the hard way with having to hire and fire many. By the end of this project we put together a great crew that has continue to work on every project moving forward.

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

None that I would recommend. Click below photo to see Before / After Photos!!!!