This was our first flip that we purchased from a local wholesaler. We bit off a lot more on our first flip than most people should but we learned A LOT more than most on their first project. Updates include new roof, siding, HVAC, plumbing, flooring, cabinets, countertops, fixtures, paint, trim and major bathroom upgrades. We opened up the wall from the living room to the kitchen for an open concept finish. We also finished the basement and added a bedroom to make this a 5/2 with 1,825 sq ft.

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

The area is perfect for first time home buyers and I knew it would sell fast once completed. Also, it is a mile down the road from Lowe's which made those last minute runs for supplies very convenient.

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

My real estate agent brought this off market deal to me from a local wholesaler.

How did you finance this deal?

We partnered with another local fix and flipper who secured hard money to fund the purchase and rehab. Since I had no fix and flip experience, the hard money lenders didn't want lend unless we partnered.

How did you add value to the deal?

We added a bedroom to the property and tricked out the kitchen and bathrooms.

What was the outcome?

We received a full price offer first day on market.

Lessons learned? Challenges?

I did this flip while working a full time job which gave me the confidence that I could be a full time real estate investor and be much more effective. I also learned that FHA buyers get more leverage on the appraisal side because we had to drop our price we agreed to by $4,000 because our buyers were using an FHA loan. The appraisal came in short so we had to accommodate or put it back on the market and do that entire process all over again.

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

The agent that helped us find this deal through a wholesaler was Rob Bergeron. Our partner on this project who secured the financing was another local flipper/agent named Frank Miller. Both individuals are based in Louisville and do many transactions as a realtor or investor.