Successful First Flip

[Chris Lawrence]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $96,000

Cash invested: $21,000

Sale price: $152,000

I purchased a condo off Auction.com for my first ever flip. I profited 18k after paying hold costs, interest, and all expenses.

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

Always wanted to flip a house so I took action by submitting an offer through Auction.com

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

Searched on auction.com. After I located the deal, I physically went to the house and talked to the owners as they were currently still living in the property. This allowed me to see what condition the property was in before I put in an offer.

How did you finance this deal?

private money

How did you add value to the deal?

Rehabbed the entire house.

What was the outcome?

Net profit of 18k. Sold in 1 day and 10k over asking price.

Lessons learned? Challenges?

Learned that if I wanted to scale that I couldn't do the work myself and finding good reliable contractors is the key to making a flip a success. As well as limiting your holding time as those expenses add up over time.