Adding my First Flip to my profile

[Philip Coiro]

Investment Info:

Single-family residence fix & flip investment in Pittsburgh.

Purchase price: $76,250
Cash invested: $105,000
Sale price: $265,000

Long Distance Flip, I went out to Pittsburgh for the renovation to GC and do the work on it.

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

Needed to do my first deal out of state as my local market is too expensive

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

MLS Foreclosure, chatted with a few agents in town and picked one to submit an offer for me. House was listed for $89,900, we offered $70,000, we countered each other 12 times! They denied my final offer, and lowered the listing price. I submitted a new offer at $76,250...the bank rejected it and countered at higher than their new reduced listing price. We let them come to their senses and they accepted $76,250

How did you finance this deal?

Cash from our HELOC (Home Equity Line of Credit) and savings

How did you add value to the deal?

I was the money, designer, contractor.

What was the outcome?

The house made a net profit of $52,000

Lessons learned? Challenges?

Biggest challenge was finding good help! I had to fire a number of people on the job and I ultimately lost a number of weeks by not firing my cement contractor sooner. He did great work but would disappear. He cost me a full price offer after 3 days on the market because he didn't finish something on the exterior. We would have made $68,000 on this house! Fire FAST! No sob stories!

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

I have a great agent I trust and a few others I've become very friendly with and hope to work with in the future! I found amazing plumbing, Eletric, drywall and HVAC guys in Pittsburgh and I would recommend them to anyone! hit me up for their info

[Philip Coiro]

@Chris Collins

We put the initial offer in around 11/18/18, closed on 11/31/18. Good thing about the end of the year is a lot of banks want it off their books.

Here’s the details of the negotiations...

List $89,900

Offer 70,000

Counter $87,900

Counter $71,373

Counter $85,900

Counter $72,353

Counter $80,000

Counter $73,319

Counter $78,500

Counter $73,975

Counter $77,900

Counter $74,495

Counter $76,250

Counter $74,864

Counter Denied/price reduction to $84,900

New Offer $76,250

Bank Counter $88,500 (higher than listing)

Counter again at same $76,250

Offer Denied 🙅‍♂️

Offer later accepted!