Augusta (Martinez) Flip!

[Michael Marchman]

Investment Info:

Single Family Residence fix and flip investment.

Purchase price: $110,000

Rehab:$29,000

Sale Price: $185,000

This was a foreclosure property that was vacant for 7 years. This was my first deal so I wanted to do a flip to build some more capital to buy rentals.

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

Was in a great location.

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

I found it on Zillow and made an offer the first day it was listed. Used an agent to make the offers.

How did you finance this deal?

I financed this with a conventional bank loan. 20% down

How did you add value to the deal?

I did all of the rehab myself with my dad! It was a lot of work but a great learning experience. 

What was the outcome?

Sold the house for $185,000

Lessons learned? Challenges?

Where to start? Never pay a contractor money before the work is completed. Always save text and emails to contractors. Always plan to go over budget! Have patience when working with a buyer who is using a VA loan.

Before