Made 32k on my first flip!

[Phil Restivo]

Investment Info:

Single-family residence fix & flip investment in East Haven.

Purchase price: $101,000
Cash invested: $27,000
Sale price: $192,000

This was my first flip that I purchased off a wholesaler using hard money. I did all renovations my self while working a full time job and made 32k in 6 months. If I didn’t have a full time job I could have completed start to finish renovations and had this house sold in 3 months with a higher net profit. That’s when I new I was hooked. I’ve learned so much on this deal and if I could do it again, I would have rented and refinanced it.

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

I found this deal through another investor who wholesaled it to me and I negotiated his commission on it for plumbing work he needed done.

How did you finance this deal?

I used hard money.

How did you add value to the deal?

I did 27k in renovations

What was the outcome?

I made a nice chunk of money in a short period of time at the same time gaining experience and knowledge.

Lessons learned? Challenges?

If I could go back I would have done the Brrrr method and rented it and still would have came out with most of my money to buy another property.