First flip from a couple years back

[Brett Lee]

Investment Info:

Single-family residence fix & flip investment in Bremerton.

Purchase price: $55,100
Cash invested: $62,500
Sale price: $185,000

First flip went from an easy 3 month job to a year and a half project!

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

Just wanting to get my feet wet in flipping a house (sure looked easy on TV!) . Also, I was naive about how difficult it can be to run a successful flip if trusting contractors who make promises but fail to deliver

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

online real estate search

How did you finance this deal?

all cash

How did you add value to the deal?

full gut, complete remodel from top to bottom, new kitchen, refinished floors, lots, deck, etc...

What was the outcome?

We ran out of cash and energy at the end of this. We were desperate to get out. I was ready to list with a real estate agent but she was out of town so I got a hit off a Zillow listing that I had and sold it for full asking price. What a miracle!

Lessons learned? Challenges?

I learned to not take on more than I can handle and manage at a time. To not trust contractors even if family ( I was burned on multiple occasions). Lots of dishonesty and shadiness among contractors. I needed to get really hands on to get this job finished but also relied on help from others! Friends from church came through to help and so did family. There was a lot I learned on this job!!

When this job was finished all I could do was praise God for getting me through it!