This was my first fix and flip

[Jason Miller]

Investment Info:

Single-family residence fix & flip investment in Crestview.

Purchase price: $58,000
Cash invested: $10,000
Sale price: $126,000

This was my first investment property and I learned a ton! Such as...I don't have time to physically do this on my own!
I invested about $10k of my own cash, and borrowed the purchase price and some repair costs from family and friends (about $80k all in). Hours spent of my own time working on this house and not selling real estate was NOT a good investment!
Love the way it turned out though!

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

I actually wanted to buy as a rental, but this one grew legs of it's own and turned into a flip.

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

I found it on MLS, negotiated a decent price, then renegotiated after the inspection found a significant water leak and related damage.

How did you finance this deal?

Private money from friends and family.

How did you add value to the deal?

Everything in this house was updated. Foundation repair, updated wiring, plumbing, new drywall and insulation in the ceiling and HVAC and water heater serviced. Opened up a previously closed off door to make the kitchen area much more functional. The rest was cosmetic.

What was the outcome?

Home sold for $126k after less than 30 days on the market.

Lessons learned? Challenges?

I do not have the time to do these projects myself! Also learned what to look for when making offers a little more. I won't by another one bathroom home to flip...MAYBE as a rental, but NEVER as a flip!

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

I am an agent.