First Flip In Orange City Florida Just Closed!

[Charles A Munk]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $99,900
Sale price: $162,500

Purchased this property from a wholesaler. Rehab took 55 days. Listed the property and had full cash offer in 17 days. Just closed. Great first flip!

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

It was a good deal and I saw the potential.

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

Wholesaler, not much negotiation, more like take it or leave it.

How did you finance this deal?

Hard money lender, 10.25% interest only loan plus 2 points and stupid fees.

How did you add value to the deal?

Rehab entire home.

What was the outcome?

House came out better than expected. Sold for above AVR.

Lessons learned? Challenges?

Lessons

1. Don't back into the garage door unless you want to replace it. (I did accidentally)
2. Rehab always takes longer than you expect.
3. Lending fees suck

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

Actually, the first step I took to get involved in Real Estate investing is to be come an agent. Between the quality of the data available as an agent and unlimited access to every property on the MLS made it a no brainer for me. So, I was the selling agent. I do recommend Westside Title in Orange City.