Successful First Flip

[Manny Del Val]

Investment Info:

Single-family residence fix & flip investment in Pembroke Pines.

Purchase price: $210,000
Cash invested: $50,000
Sale price: $325,000

Pembroke Pines Flip as you can see the property was in bad shape. With a lot of hard work, help from our contractors, sweat equity, and tremendous effort and support from our family, business partners, and friends we were able to fix this property and make a nice profit.

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

This was an REO that I looked into. The numbers looked good. I checked out the Neighborhood. It was in a good working class area that was not to far from my home. Numbers looked good and decided to pull the trigger.

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

The deal was found by going to another property that was for sale with another realtor and networking with a realtor who was showing the property to someone else. I got his business card and asked if he had anything that matched my criteria and he showed this to me.

How did you finance this deal?

I used my IRA money with a 60 Day Rollover (then Refinanced it) and Home Equity line to buy this cash.

How did you add value to the deal?

I completely renovated the property.

What was the outcome?

I was able to sell this for a nice profit

Lessons learned? Challenges?

Flipping is not easy. Its Stressful and you need to have patience and have a plan of action. Sometimes its better to pay someone to do the work than you doing it yourself specially when you have high holding costs.

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

Francisco Ramirez is my agent. I highly recommend him. He understands construction costs and is great with investors.