Updated over 5 years ago on . Most recent reply
Adding my First Flip to my profile
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
