First Deal right in the middle of the Coronavirus!

[Casey Rawlings]

Investment Info:

Single-family residence fix & flip investment in Carencro.

Purchase price: $81,000

Medium size rehab. The property is under contract right now, my first deal! I was fortunate enough to find a second property and we just learned yesterday that the offer on this one has also been accepted!

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

Simply, the numbers worked! As long as we control the rehab costs and the ARV is true, then we picked a winner! I want to do some BRRRR deals, but I am doing the flips to build up cash reserves

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

REO on the MLS. It was listed very low and I knew it was going to attract a lot of attention. After talking strategy with my realtor, we decided to offer well above list price to weed out the low-ballers. It worked!

How did you finance this deal?

Cash

How did you add value to the deal?

The house was gutted of all mechanical and even doors and trim. We're going to update the look and appliances, add a back patio.

What was the outcome?

still working on it

Lessons learned? Challenges?

Getting my rehab costs right. I have lost some sleep over it along with worrying about the ARV. This deal is landing right in the middle of the Coronavirus!

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

Walter Campbell of Keller Williams in Lafayette, LA

[Casey Rawlings]

Thank you @Robert Leonard, I am anticipating being able to get the BP Acadiana group back together in person!