Second Flip - Platte City, MO

[Joshua Kulzer]

Investment Info:

Single-family residence fix & flip investment in Platte City.

Purchase price: $72,000
Cash invested: $2,000

Single Family House built in 1888.
3 BR
1 BA

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

Both my wife and I love old houses and this one was built in 1888.
It had all the original windows, which we had to replace, but will keep and do something artsy with.

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

Real Estate Agent

How did you finance this deal?

Hard Money - 12% + 2 points and fees.

How did you add value to the deal?

We are re-configuring the kitchen and main level bathroom to flow well. It will be gorgeous. We are also adding a jack and Jill bathroom upstairs, stealing space from the attic/void space to make that work.

What was the outcome?

Still in progress

Lessons learned? Challenges?

I bought my first two deals on the same day, and closed on them about 1 week apart. I think it is important that your agent understand investment properties. Some things that I didn't catch, I would have liked my agent to catch. I did not need a home inspection, but my agent convinced me that I needed one. I bought it in as-is condition, and I was going to rehab it with professionals anyway. I wasted about $500 on unnecessary inspections that could have done to a new feature.

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

Yes - I have been working with the same GC, but I have been working with 5 different agents. I am down to 4 agents now.