Fargo Flip House - Erik's 1st Flip!

[Erik Stewart]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $25,000
Cash invested: $105,000
Sale price: $190,000

1950's Rambler Fix and Flip. Needed a complete remodel but the project turned out great for the first time with a fix and flip project. All while working my day job as a project manager. The images below are the before and during photos. Head over to Red River House Buyers, LLC on FACEBOOK and check out the full transformation.

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

I decided to start doing fix and flips and BRRRR strategy in order to quicken my ability to purchase more long term buy and hold rentals for passive income.

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

This is interesting: I met a handyman randomly at Menards and I told him I was looking for flips. He knew of a vacant house and I mailed the owner for about 8 months before I received a call. I got the call, the next day it was under contract, closed 2 weeks later.

How did you finance this deal?

All cash purchase.

How did you add value to the deal?

Rehab/Renovation

What was the outcome?

Good profit margin for my investor and for myself.

Lessons learned? Challenges?

I have an entire Evernote filled with lessons learned and ways to overcome challenges!!! From everything from marketing, mindset, talking with sellers, to contractors, city officials, realtors, and the disposition process.

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

I certainly did. PM me for more details or specific questions! :)