My first flip in Columbus, MS

[Brandon Tedford]

Investment Info:

Single-family residence fix & flip investment in Columbus.

Purchase price: $45,000
Cash invested: $15,000

A 2350 sq ft outdated property. House is being remodeled and will be sold upon remodel completion for an estimated $40k-$60k profit. Property will sell for at least $100k.

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

Over the years, I have immersed myself in learning about real estate, but haven't really pulled the trigger on many properties. Having done so much research without purchasing, I saw this property as a steal due to the circumstances of the motivated seller.

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

I estimated costs to get the property desirable for purchase, made sure the seller knew the estimated costs, offered $40k and seller countered. We settled on $45k with seller paying $1000 in closing.

How did you finance this deal?

HELOC in a rental property I own.

What was the outcome?

House is currently being remodeled. I am being cautious not to put too much money into the property due to the neighborhood and school district not being the most desirable and so I want to make sure I get a good ROI.