Reflecting back on our First Flip

[Richard Cole]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $120,000
Cash invested: $80,000
Sale price: $282,900

Full gut interior and exterior rehab. Under contract in 3 hours, sold over list.

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

It had every problem imaginable.

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

MLS

How did you finance this deal?

Hard money for the purchase. Credit cards for the down payment, 3 jobs during the rehab arrears.

How did you add value to the deal?

3/2 conversion, fully updating all mechanics, making the building structurally safe

What was the outcome?

This was the spring board for all our future deals. This was a lesson in grit and perseverance. Great financial return.

Lessons learned? Challenges?

You really can start in real estate with no money, no credit, and leveraging some one else's experience. Run your numbers well and work hard.

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

Our agent on this deal was Gary Gay, from 1 Worcester Homes.

Financed with Ann Bellamy's Buy Now Hard Money and Seek Business Capital.