My first very first fix and flip

[Christian Silvestre]

Investment Info:

Single-family residence fix & flip investment in Miami.

Purchase price: $66,000
Cash invested: $95,875
Sale price: $122,000

This was my first fix and flip deal and was 100% financed with our savings (my wife and I). Some of the rehab was done by us, like interior and exterior paint, and the installation of the doors , it was a great experience and the beginning of our real estate career as investors.

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

I didn't have much capital at the time and I was only able to afford single family homes.

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

A friend of mine (wholesaler) presented the deal, and I did my numbers (comps) using the MLS

How did you finance this deal?

With my Savings

How did you add value to the deal?

I invested close to $29,000 remodeling the entire house

What was the outcome?

I was able to put the house under contract in less than 2 weeks and closed in less than 30 days netting 17% ROI

Lessons learned? Challenges?

The most important thing in every deal is to buy at a good price in order to minimize the risk and have several exit strategies.

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

Yes I do, I work with agents of my own firm specialized in selling flips and distressed properties.