Building capital with first flip!

[Ryan Cygan]

Investment Info:

Single-family residence fix & flip investment in Epping.

Purchase price: $185,000
Cash invested: $40,000

In the process of fixing and flipping my first property. $185,000 purchase price, 60k budget, $290,000-$310,000 ARV.

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

Great location, good flip potential, invaluable learning experience.

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

I found the property online in January and put in an offer for $180,000 (HUD-no escalation clause available) and it was not accepted. The property came back on the market in May and I put another offer in, adding $5,000 to my original offer and it was accepted.

How did you finance this deal?

Conventional 30yr mortgage with 4% down. Fixed 3.5% (first mortgage)

Lessons learned? Challenges?

To date, the house has been completely re-wired, basement stair covered in order to add 2ft in the bathroom and bedroom #1, all new cabinets, all new appliances, granite countertops, hardwood added into kitchen and bedroom #1, updated plumbing to include drinking water (replaced black pipe with PEX), and currently in the process of renovating the bathroom (wall tile, new fixtures, floor tile). The main challenge has been doing the work myself to keep costs down.

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

Courtney Daigle at Verani Realty's Londonderry, NH office and John McGrath's team at LeaderOne Financial Group.