First Fix And Flip Property

[Derek Zasaretti]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $15,000
Cash invested: $20,000
Sale price: $65,000

Property was never updated and trashed. I installed new flooring, tile surrounds, fixtures and roof to name a few items.

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

I started with the flip shows to give me the resell concept. This added to my construction know how.

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

I am a broker so I run my own numbers. It was going to be a rental at first but a property sold in the next block really fast so I took a chance.

How did you finance this deal?

Cash and a hardmoney loan.

How did you add value to the deal?

Added my broker skills to find a good property. Used my renovation skills.

What was the outcome?

Nice payday.

Lessons learned? Challenges?

Challenges was actually finding good subcontractors. Once I repaired their mess. everything else went down hill.