My Humbal beginings... 2 flips and my search of passive income...

[Tim Scanlan]

Investment Info:

Single-family residence fix & flip investment.

Sale price: $185,000

My first RE Investment, and REAL eye opener to becoming an Investor!

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

The opportunity to work with a community bank, and delta between the ARV and purchase price!

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

I followed a successful investor who initially taught the vale of investing into Buy, Fix and flip properties. I did two between 2015 and sold both in 2016.

How did you finance this deal?

A community bank offered 2 points and 80% LTV @ 5.8%,

How did you add value to the deal?

Both were different. the first was a SFR where mechanical and CAP Expenses were required. Ripped out electrical base heaters and added HVAC and Vents. Add a total Tear Off roof, which really added up, but learned a lot between working with a community bank with relational banking, and working with a knowledgeable Broker who was a FHA Specialist and personal investor as well. My second was a Townhouse where I learned that all GC were NOT alike. But made more on the second flip.

What was the outcome?

Positive monies made, but in the end, it was worth it to learn what it takes to invest into Real Estate flips.

Lessons learned? Challenges?

If possible, be on site to ensure CGs are performing. A detailed line item Agreement is KEY!

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

None, so far... I am seeking out of state turnkey, or will be assembling teams to model a turnkey investment, wish me luck... I love learning, and love Bigger Pockets, including those who love to help/teach to all.