This was the first flip for me and my wife, Allison. It worked out better than we expected and we actually undervalued the ARV roughly $20,000. The house sold on 5/18/2020 in the middle of the COVID-19 crisis and was one of the few homes that sold in the area since the outbreak. The COVID-19 crisis really raised our anxiety but it all worked out.

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

We wanted liquidity. Having cash is a huge advantage. We plan on using the BRRRR strategy to obtain longer term investment rental properties. We will also continue to flip as well.

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

Found by driving for dollars and using a postcard mailing app called Deal Machine. Also used an ios app called LandGlide for quick information on property ownership. Used Propstream to run comps.

How did you finance this deal?

12-Month Construction Loan. Interest only payments for 12 months and rehab reimbursement through draw payments. Financed the purchase price and closing costs. ZERO money down at closing!

How did you add value to the deal?

Complete renovation. Added new water resistant laminate floors, paint throughout, complete bathroom renovation (except vanities), new kitchen cabinet doors and countertops, refinished original cabinet bases, new windows, all new interior doors, refinished front door, all new appliances, white subway tile master bath, faucets and shower heads, white subway tile kitchen back splash, all new fans and light fixtures, new hot water heater, roof repair, and all new electrical outlets and switches.

What was the outcome?

We made a good amount of money and the house looked amazing! We made 2 amazing investor friends along the way and we are currently joint venturing on our second flip with them, which is almost complete. We have new goals and plans for our future. This deal changed our lives and has motivated us to continue in this pursuit of financial freedom.

Lessons learned? Challenges?

The most valuable lesson we learned is that we are capable of so much more than we thought we were. We both have full time jobs so it was a challenge at first managing our time. But as the project went on we adjusted nicely.