The First Flip! The Tyler Job

[Philip Murray]

Investment Info:

Single-family residence fix & flip investment in Merrillville.

Purchase price: $85,000
Cash invested: $16,000
Sale price: $149,000

This was an interesting deal I made with a family member who had financial issues.
I agreed to take over the home payments, invest in the rehab and split the profits. It was interesting and took 4 weeks longer due to crazy weather but we sold in 2 days 4k over asking! I leaned so much. Can't wait to get into the next one.

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

With a family member who needed out of the house.

How did you finance this deal?

Credit.

How did you add value to the deal?

New:
Floors
Appliances
Paint
2 bathroom remodels
New stair spindles
Painted the front exterior and pressured washed the sides and back

What was the outcome?

Sold the property quickly and over asking!

Lessons learned? Challenges?

Time Time Time
I will pay trades to do more from now on.
Working with family is hard.

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

Arlene Onlenik-Lowe- Prime Real Estate Crown Point, IN