Remembering Our First Flip

[Nicole Glass]

Investment Info:

Single-family residence fix & flip investment in Winslow Township.

Purchase price: $51,000
Cash invested: $23,000
Sale price: $124,000

This was the house that torpedoed myself and my business partner into flipping!

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

I had been developing a rental portfolio in the same neighborhood for over 5 years. I bought, rented and sold houses in this area before along with one other family member. That provided me with a sense of understanding how much the homes are worth and a level of comfort.

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

I found this deal on my Country Sheriff's website for Sheriff Sales.

How did you finance this deal?

I sold one of my rentals a couple months prior and was actively searching for good deals to grab up and this one seemed to just fall on my lap! There was no competition at all. I was the only bidder.

How did you add value to the deal?

I added value with some drywall work, a good paint job and all new flooring. We kept the same countertop in the kitchen and this seating area that was there prior. We try to maintain the character of the home as best we can. Everything we added was to bring out the beauty that was already there. New Backsplash, new flooring, and a custom barn door we made ourselves.

What was the outcome?

The outcome was extremely positive ! We made what we thought was a lot of money at the time.

Lessons learned? Challenges?

There were a lot of positive aspects to that property. Everything went really well, but I would say the one lessons we learned that is extremely valuable to have you're own 3rd party inspector go inspect the home and tell you everything the buyer's inspector will in order to save time during the closing process.

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

E Realty Advisors Inc. ! They give realtors 100% of their commission for $99/month. Since I am a licensed agent, I retain all of my commission.