This was my third flip

[Lucas Davidson]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $18,000
Sale price: $126,000

gutted and did a total rebuild new everything.

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

deal where you can force equity, interest me.

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

I flipped the house beside it. the owner was impressed with my work on the other house, this house was her parents. her husband passed a few years ago and the house was to big and needed to much work for her to stay. She made comments about her house being my next project i thought she was joking at first.

How did you finance this deal?

bought with cash, credit cards financed material, cash and credit card financed labor

How did you add value to the deal?

knowledge,labor,finance

What was the outcome?

when i ran my initial numbers my profit margin was only about $5000, if everything went smooth. of course i went over budget, im in a very small town, my reputation and learning meant more to me then profit. however, luckily the market went up and and i was able to make a profit. the house went on the market before Christmas, just bad timing on my part wasnt to bad tho about 60 days on the market to get a serious offer.

Lessons learned? Challenges?

time management!

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

i used an agent to sell