My First Project - Dipping my toes in before I cannonball

[Brian Jackson]

Investment Info:

Single-family residence fix & flip investment in Louisville.

Purchase price: $80,000
Cash invested: $99,713
Sale price: $182,500

Contributors:
Jay Leisten

This was my first attempt in flipping. I purchased two lots side-by-side for $80k. In the end. My profit was a whole lot of knowledge and a buildable lot in an up-and-coming area, free-and-clear. Things that went wrong could have been avoided and I could have sold this a year earlier, but pivoting to a rental allowed me to gain even more experience in the end along with some income. All-in-all I would say this was a success that could've been a home run. Eh, I didn't lose money!

This is just the beginning.

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

It was a deal that made sense with running my numbers. I felt I had a good cushion in case things didn't work out for me the way I thought they would. Which is normally the case.As a new investor, I wasn't banking on getting the best deal around. I figured it would be something that had been picked over. But I kind of wanted tha

I'm also investing for the long term, so having the possibility of obtaining a piece of land without having to come out of pocket sounded enticing. Instant equity!

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

I found this deal through an agent I found on BP. He found this deal from a wholesaler in the area that he has worked with before.

How did you finance this deal?

I financed with a HELOC from another property that I had househacked.

How did you add value to the deal?

I did a gut flip on one property. The second property was burned out pretty bad. It was demolished and now we have a flat lot.

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

I would definitely recommend my agent, Jay Leisten. He was a wealth of knowledge and advice throughout. He still and hopefully will be for a long time to come.