WE COMBINED OUR LLC'S FOR OUR FIRST JOINT VENTURE FLIP

[Henry R.]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $215,000
Cash invested: $395,000
Sale price: $454,000

Last year my wife and I sent out a letter to the owner of this property that was vacant for 5 years. We brought the property to our friends who are seasoned Flippers "Garth & Gina". We asked them if they would partner with us on it after viewing the property. We were delighted when they said yes. Below are a few pictures of the property it was our first joint venture flip and would not have been able to do this flip without our friends who are very good at what they do.
Thanks for reading
Henry

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

The location was great, know for very good schools and close by to where my wife and I live

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

We sent out a mailing to the owner. We also brought the deal to friends who flip for a living.

How did you finance this deal?

All private money

How did you add value to the deal?

Doing a full rehab

What was the outcome?

Sold the property to a very happy new home owner

Lessons learned? Challenges?

It's very important to price your house right and, do not take the appraisers numbers as final, we didn't!

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

Yes, the couple we worked with his wife is a RE agent and this is bias I'm sure my wife is also a RE agent