My first flip house

[Felix Jaimes]

Investment Info:

Single-family residence fix & flip investment in Spring.

Purchase price: $101,000
Cash invested: $28,000
Sale price: $179,000

Single family home that needed cosmetic updates. I added custom cabinets along with a custom standing shower in the master bathroom. Updated tile and new carpet. Replaced all the doors along with door trim and base boards throughout the house.

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

It did not need major repairs and that was what I was looking for my first flip.

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

A wholesaler put it out on a Facebook group. I went to look at the property and was the highest bidder.

How did you finance this deal?

Hard money

How did you add value to the deal?

Updated everything from floors to cabinets and paint

What was the outcome?

The house turned out amazing

Lessons learned? Challenges?

Order appliances before the flip is finished and start the renovations on the outside first. Couldn't find a lender after earnest money deposit was made due to Covid-19 lenders changed their criteria. Another challenge was we couldn't find appliances at the end of the flip.