Flooded Fix and Flip

[Jason Coleman]

Investment Info:

Single-family residence fix & flip investment in Burgaw.

Purchase price: $41,000
Cash invested: $45,000

Home was flooded during Hurricane Florence. Made friends with some of the neighborhood homeowners. One person introduced me to a seller that was looking to offload a house. It was completely gutted from 3 feet inside the home out. ALl of the demo wasd pretty much finished. We just had to put the home back together.

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

First fix and flip opportunity.

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

Networking at it's finest

How did you finance this deal?

Cash Deal. Used a portion of our post tax retirement savings

Lessons learned? Challenges?

Deadlines, deadlines, deadlines. Get your contractors to sign contracts and set deadlines ahead of time.

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

I am a real estate agent with Keller Williams which reduces my cost during the listing process. I would only recommend realtors that invest in real estate themselves.