First flip one step at a time to get to the next level.

[Christopher Orr]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $75,000
Cash invested: $10,000

Purchased this house from a lady that couldn’t take care of the house anymore. Tried to get traditional financing for the house but got denied due to not having any income. So I had to drain my back account to purchase the house cash. Currently the house is getting some sheet rock repairs. I’m doing most of the work myself. I’m very quickly realizing why people have contractors do the work.

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

I got off of active duty air force and was looking for a job. As I was looking for a job I found this deal and decided to take some more time off and try flipping.

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

My grandpa found this deal for me he knew I was looking for a house to flip. We went and walked through the house the owners son said he new the taxes said 95000 value. He thought that was a good starting place. I took a minute and thought it over already knowing what the arv should be 135000. I offered him 75000 and we shook hands. I got the contract figured out and off we went.

How did you finance this deal?

All cash. Drained my bank account.

How did you add value to the deal?

Doing a face lift on it. Sheetrock repair and new appliances.

What was the outcome?

In work.

Lessons learned? Challenges?

So many lessons learned. Ive read and listend went to seminars on real estate felt like I was ready to take the first step and that all a person has to do one step at a time.

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

I did work with a real estate agent with help on the contract and a mentor my grandpa.