Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 5 years ago on . Most recent reply

User Stats

66
Posts
35
Votes
Alex C.
  • Flipper/Rehabber
  • Los Angeles, CA
35
Votes |
66
Posts

Fix & Flip: Single Family Property, Bellflower CA

Alex C.
  • Flipper/Rehabber
  • Los Angeles, CA
Posted

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $220,500
Sale price: $375,000

A new wholesaler approached me through social media who wanted to start working with me. I instructed him to start sending me leads that I would qualify or disqualify because he didn’t even know what a deal looked like. After about 20 bad leads, he got this one from cold calling a foreclosure list. It appeared to be a great lead, so I set up an appointment with the seller immediately. The seller was a no-show on the initial appointment but after visiting the property, I could tell it was a fixer from the exterior. I set up another appointment and came back prepared with contract in hand. Once inside the property, I was shocked because the property had the worst cockroach infestation I had ever seen. As I was signing the contract with the seller, there were literally cockroaches crawling up my leg. In this business, you come across some interesting situations, but this was one I definitely won’t soon forget! 

I pitched this deal to a short list of trusted friends interested in investing. One long time friend
liked the deal and we quickly closed on it as a joint venture agreement. This deal was financed using a hard money loan.

Loading replies...