Trashed fix and flip

[Wesley Charles]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $325,500
Cash invested: $390,000

First fix and flip with my dad as partner.

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

Excited to get into the game and flip a home.

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

A local wholesaler. We viewed the property and offered $500 over asking 2 hours later.

How did you finance this deal?

HELOC on primary residence.

How did you add value to the deal?

Gut everything and replace

What was the outcome?

Working away at it. It's quite the project for a first flip.

Lessons learned? Challenges?

I now understand what it takes to be able to view a property for 15 minutes or so and look at each aspect of the home while calculating what it will cost to repair. This home had insane amounts of trash, a huge task to overcome.

Contractors are the most important part of your job. I am lucky enough to have had a friend who has been doing this for a while and is working on the home for me.

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

The Do It All Dude LLC.