The First was the Worst...

[Erin Gary]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $30,000

The first was the worst is NOT a reference to the house rather to the VERY expensive lesson my business partner I learned. If you learn nothing else from real estate investing, be sure to have a solid team AND a legitimate GC!!

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

I wanted to bust my investing cherry!!

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

Showing a house to a client, I saw this house and called the sign. I spoke with one of the owners who told me he would be at the property the next day. I met him there and looked around, he told me he had an offer on it and if I could beat it, then I could have it! Well I beat the initial offer and fell under my anticipated budget to purchase an investment property.

How did you finance this deal?

Cash and HML

How did you add value to the deal?

Not sure how to answer this one, other than my business partner and I improved the aesthic of the neighborhood.

What was the outcome?

The fix and flip, became a buy and hold (thanks to Corona), but we have recently decided to sell this and be done.

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

Fortunately, I am a realtor and my business partner is a numbers lady. The GC was a past client who is good at what he does.