This was my first fix-and-flip investment property

[Michael Lopez]

Investment Info:

Single-family residence fix & flip investment in Dallas.

Purchase price: $175,000
Cash invested: $47,000
Sale price: $272,900

This was the first fix-and-flip project that I did were I partnered up with family members. I was responsible for finding the property, finding contractors, managing the renovation, and selling the property.

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

It looked like it had the potential to be a good first invesment.

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

I found the deal through a wholesaler, I negotiated the purchase price with the wholesaler.

How did you finance this deal?

It was a cash purchase that my partners brought to the table.

How did you add value to the deal?

We updated the entire house.

What was the outcome?

It sold in less than a month.

Lessons learned? Challenges?

I learned that I need to manage the time it takes for the renovations.

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

I was the listing agent on the resell.