Great Opportunity In Finding My First Flip

[Douglas Wirth]

Investment Info:

Single-family residence fix & flip investment in Temple Hills.

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

Single Family Home in a nice area (Close to DC, in MD; Blue Collar & Government Workers). Homes are brick and kind of cookie cutter, but generally everything is in good shape because the were built well.

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

Off market property that has good bones, but needs everything updated. Built in early 60's and, pretty much, everything seemed original.

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

An old high school friends mother had to move/downsize to an assisted living facility. At first, we were thinking about me managing the renovations for the family in an effort to offer them more money, but they lived too far away and had jobs, family, etc..... So we decided it best to purchase and reno ourselves (myself, with partners).

How did you finance this deal?

Hard Money Lender.

How did you add value to the deal?

Everything needed updating. Changed from 3 beds, 1.5 baths to 4 beds, 3 full baths. Knocked down a wall to open up the small kitchen and reconfigured the entire basement to an entertainment area, with extra bedroom (the 4th) and full bath (the 3rd).

What was the outcome?

Still in progress.

Lessons learned? Challenges?

Haha, I'll let you know when complete. Hopefully nothing. :0)

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

Yes. So far, so good....still in the thick of things. Will also update you upon completion.