First Flip in Melbourne, Florida

[Christian Ryan]

Investment Info:

Single-family residence fix & flip investment in Melbourne.

Purchase price: $102,500
Cash invested: $39,000

Single-family home in growing West Melbourne on large lot. Adding one master bedroom and master bath.

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

Location and purchase price which allows for multiple exit strategies to include BRRRR. Great potential for appreciation in a growing community due to Space X and other companies that provide services for the Federal Government.

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

Found a great agent the found the located the property and assisted with price negotiation.

How did you finance this deal?

Using hard money.

How did you add value to the deal?

Will be adding a master bedroom, bath, and converting part of the garage to a laundry room still allowing for two cars to fit inside. Once completed I will be adding 505 sq ft to the property.

What was the outcome?

Still working on the deal. The rehab should be completed in March.

Lessons learned? Challenges?

So far I learned I realized the importance of having great people on your team. The real estate agent I found is top-notch. With her insights and assistance, the deal would not have gone through.

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

I am working with an agent, architect, and subcontractor.

[Christian Ryan]

@Michelle Yoder getting a CPA is on my of things to do today actually. I follow a podcast called “Active Duty Passive Income” and the recommend using “ Anderson Tax Advisors.”