First Project - Completed - Many Lessons Learned

[Darrell Lightsey]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $177,000
Cash invested: $68,000

Currently on the Market at $329,900.00

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

It was really about getting the first one done.

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

Found it on the MLS, contacted the listing agent, negotiated the price down to something reasonable.

How did you finance this deal?

Hard Money

How did you add value to the deal?

Complete Remodel

What was the outcome?

Very nice house that everybody loves....

Lessons learned? Challenges?

Do 3 bed / 2 bath rehabs
Look for projects with less work needing to be done.
Negotiate the front side 10% lower than you expect to get.
Try to keep RE agents out of the deal.

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

I am a licensed agent in the state of Texas. I also worked with the listing agent on this deal.