House flipping as a beginner

[Gabe Ulrich Jr.]

Investment Info:

Single-family residence fix & flip investment in Delton.

Purchase price: $20,000
Cash invested: $20,000

Still fixing and working hard
7 days a week on this fixer upper

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

To build money to buy more properties on my own

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

I saw it empty found out who owned it and it ended up being an 80 year old woman that had renters in it for 30 years and never updated it or touched it and it was in shambles and picked knee high in trash when I first walked in it and i offered her 20,000 and she accepted

How did you finance this deal?

I have a hard money lender that takes 10% of profit and 10% of the materials put into the property

How did you add value to the deal?

I was the branz and the brain and the hard money lender was the money

What was the outcome?

Well in the middle of flipping It and working on it 7 days a week

Lessons learned? Challenges?

Totally gutting a house is very hard to do lots of tedious work pulling drywall nails!

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

Nope