My first flip and not my last

[Kenneth Mims]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $40,000
Cash invested: $22,000
Sale price: $111,500

3 bedroom 1 bath single family home, located in northwest area of Milwaukee, Wi

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

I grew up near this neighborhood and I was familiar with the properties in the area. Its a very quiet area and the owners do take pride in their homes.

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

I ran across this property on an auction site, I really didn't think I was going to win but fate had it and I won the auction. It did take some time for closing to happen, but it was well worth it. This was my very first flip.

How did you finance this deal?

This was an all cash deal with my business partner.

How did you add value to the deal?

I put all new flooring in the kitchen, and bath. New roofing, cabinets, sinks, tubs and tile, I rip up all the carpet, sanded and stain the floors in all the rooms. A little electrical work and plumbing. and a little more.

What was the outcome?

The property turned out nice for my first time, I learned from this flip and my next one will be even better. The house was on the market for less than a month and got almost full asking price.

Lessons learned? Challenges?

I needed to be more hands on and detailed with my contractors. I really see the imperfections in many things and being an out of state investors, I feel I needed to be there more and will be on my next projects.