My first flip project!!!

[Crystal Musser]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $90,000
Cash invested: $60,000
Sale price: $180,000

This was a single family home, 4 bed - 1 bath, 2,400 sq ft.

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

The owner found our information hanging on the community bulletin board at the local grocery store.

How did you finance this deal?

We partnered with a hard money lender on this project. He funded the purchase and rehab costs and we split profits 50/50.

How did you add value to the deal?

This main floor & bathroom was a total gut. We tore out walls to open up the living area. Put all new HVAC in and ran new ductwork throughout the entire house. The bedrooms were in decent shape but everything needed carpet and paint. Also moved the laundry from the basement to the second floor in a closet in the bathroom.

What was the outcome?

It was a huge learning lesson for us. We did not make as much as projected but we did get paid for all that education.

Lessons learned? Challenges?

Communicate EVERYTHING with the contractor. Make sure that there is no stone unturned.