My partnership's First Flip!

[Steven LeRoy]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $60,000
Cash invested: $15,500

My company's first Fix and Flip. Bought a house from a wholesaler and it came with a buyer! a local person is looking for a house and came to us pre approved and with money to put down! excited to see how this goes but i think it will be a great 1st Flip! 60k purchase price, which we used private money from friends to buy, an estimated 15,500 in construction materials and a potential 115,000 sale price. my contribution to the deal is my labor and skill!

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

Hoping to ride this sellers market to make good returns to fund buying rentals.

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

Met a wholesaler while conducting an inspection on another house he had sold.

How did you finance this deal?

Private money from friends in which we made promissory notes to pay back the original money plus interest pursuant to the house.

How did you add value to the deal?

I brought knowledge and experience of Houses and I will be doing all the construction and overseeing what I cant at a very reduced cost

What was the outcome?

Hopefully a 30 k pay day!

Lessons learned? Challenges?

nothing yet!