My first real estate deal fix & flip

[Caleb Griffis]

Investment Info:

Single-family residence fix & flip investment in Ludington.

Purchase price: $21,000
Cash invested: $21,000

This is my first real estate deal. I am partnering with a contractor to rehab this home. I purchase, he fixes it up at discounted rates and no mark up on materials, and we split the profits. Picked it up through bank foreclosure. Expecting 35K to 70K rehab and hoping to sell for 125K.

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

The home was not winterized so it had a bunch of water in the crawl space which scared off most buyers. My contractor, a restoration company owner of 15 years noticed the water was clean and the leak caused minor water damage to the house itself. I work for a flooring company so we can get deep discounts on flooring as well.

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

Found it on the MLS through a realtor and won the bid.

How did you finance this deal?

Cash

How did you add value to the deal?

We will add a a bathroom and rehab most of the cosmetics of the home.

What was the outcome?

TBD