Our First Fix & Flip

[Lisa K.]

Investment Info:

Single-family residence fix & flip investment in Omaha.

Purchase price: $74,500
Cash invested: $59,436
Sale price: $198,000

Our First Flip was a huge undertaking. We did a ton of work our selves with the boys helping, ages 5 & 7 at the time. Had we payed for all the work to be done it would have been around a 85k rehab. We chose to do most of the work to help my girlfriend and the boys understand what all went into a rehab. It was a great experince for us all, the boys even ask to do more projects.

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

This deal was brought to us by a short sale realtor.

How did you finance this deal?

Private money lender for full purchase price. We then got our bank to load us full purchase price and 30k of the 60k rehab.

How did you add value to the deal?

We did a full Rehab every thing was updated. If contracted out it would have been a 80-85k rehab. we did a ton of work our selves. Leaving the rehab cost at $59,400

Lessons learned? Challenges?

The biggest Challenge was doing $30k worth of work ourselves when I was still working a 60 hour a week job and my partner (Girlfriend) lived 2 hours away. We always arguning over cost. She had no clue the cost to get things done.

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

We worked with Kim Stephen who specalizes in short sales and working with investors.