First Flip n Flip Fresh out of College

[Ross Cornwell]

Investment Info:

Single-family residence fix & flip investment in Midland.

Purchase price: $150,000
Cash invested: $80,000
Sale price: $349,000

First Flip I completed - Talk about lessons learned!

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

This was a family friends home that was recently inherited had been vacant for a few years.

How did you finance this deal?

Hard Money Lender

How did you add value to the deal?

Everything was redone. Floors, paint, roof, HVAC, finished the basement, bathrooms, kitchen, etc.

What was the outcome?

Roughly $80k net and tons of knowledge!

Lessons learned? Challenges?

Being my first flip and having limited construction experience - managing subcontractors in terms of timing, process, and cost was tough. I learned a lot about real estate transactions and negotiations during the sale of this home.