Just updating my profile with my one and only 2013 flip

[Sean Lopez]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $205,500
Cash invested: $50,000
Sale price: $280,000

2/1/1 Condo
50/50 partnership with friends
Purchase price 100% financed through a former client
Construction cost self-financed
Rare Bank REO purchase in a hot Honolulu market - unit needed significant repair
Net profit = $15,000 (before 50/50 split)

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

Wanted to try a flip

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

MLS. Made an offer based on comps and ARV

How did you finance this deal?

Former financial client did private financing for 100% of the purchase price

How did you add value to the deal?

Remodeled

What was the outcome?

Sold for a small profit. Market did some of the work. Remodel cost more than I thought it would. Paid retail for everything.

Lessons learned? Challenges?

Have more than one exit strategy. We felt we had to aggressively sale it to avoid getting stuck. Our monthly costs were high with the private financing. The place has been sold twice since at a much higher price. In hindsight, holding firm on our list price would have been smarter.

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

I am an Agent