First Flip in Utah. Learned a ton!

[Carson C Cronk]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $325,000
Cash invested: $25,000
Sale price: $410,000

Flipped a 4 Bedroom, 2 Bath home in Murray, UT. All labor was completed by myself. Saved a ton on materials and labor costs but it took a very long time to complete. Happy with outcome and learned so, so much.

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

Was going to do a BRRRR (inspired by BPP) but covid put some strange restrictions on COR's. Decided to take the profits on the flip and move on.

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

On-Market Property bought with an agent. Would definitely buy off-market next time around.

How did you finance this deal?

Traditional lending. Absolutely using Hard Money next time.

How did you add value to the deal?

Updated the whole home from Grandma and Grandpa's house to a modern bungalow.

What was the outcome?

Rough numbers but profited close to $60k.

Lessons learned? Challenges?

Too many to list... in short: buy off-market, use hard money to purchase and pay for renovations, use a contractor, rinse and repeat.

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

Absolutely use The Perry Group with Keller Williams for Selling homes. Was done so quickly and we set a record for price-per-square-foot in our Zip Code.