My first nostalgic flip, aspiring to do a lot more

[Sumeet Vasu]

Investment Info:

Single-family residence other investment in Fort Myers.

Purchase price: $27,000
Cash invested: $20,000

Bought my first true flip 5 years ago, bought it for $27,000 and spent $20,000 in fixing it up, I decided to hold it and rent it out. Current value est. $75k. Looking forward to network and do more flip deals.

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

My friend who was already investing in Fort Myers, Florida told me about the area, and I invested after a visit with him.

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

Real Estate Agent, this was my first flip, i looked at average selling prices of the house around the area, considered my total fixing up cost and then made an offer.

How did you finance this deal?

Own Cash

Lessons learned? Challenges?

Lessons Learned: I shouldn't have stopped after first one, retrospectively I should have understood, I found a good property management team, made good connections with construction crew and a good RE agent.