2nd Flip for Part-time Investor

[Charles A Munk]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $124,900
Cash invested: $42,000
Sale price: $202,000

4/2 SFH home that had several challenges to overcome. Learned a lot from this flip.

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

It was in an area that I have had success in.

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

A wholesaler sold it to me before it hit his network of buyers.

How did you finance this deal?

Hard money.

How did you add value to the deal?

Remodeled kitchen and both bathrooms. Also, new paint in and out. Finally, installed new roof.

What was the outcome?

Bought, remodeled and sold the home in less than 4 months. Made a decent profit.

Lessons learned? Challenges?

1. It requires a permit to replace an exterior door.
2. The BiggerPockets website is a great resource for overcoming challenges and finding information/people.
3. Virtually all problems have already been solved. You just need to find out how to find the answers.

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

It was my 2nd deal with MoFin lending. I would recommend them.