My first fix and flips

[Neal Johnson]

Investment Info:

Single-family residence fix & flip investment in Tyler.

Purchase price: $50,000
Cash invested: $10,000
Sale price: $86,000

This was my first flip. This home took us a lot longer than it should. Thankful that we made it out of this one on top.

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

It was our first flip and we were just desperate to get a property under contract.

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

We purchased this one from the foreclosure sale. It had been vacant for 8 months before we purchased it.

How did you finance this deal?

We used SOFI for the loan.

How did you add value to the deal?

This was basically a cosmetic flip.

What was the outcome?

This project was a learning experience. We ultimately came out on top but it took a lot more work than we thought,

Lessons learned? Challenges?

Marketing is everything and also know who you are giving your lockbox code to.