First Purchase Flip and learning experience

[Drew Bartek]

Investment Info:

Single-family residence other investment.

Purchase price: $115,500
Cash invested: $25,000
Sale price: $170,000

Bought a house to live in and flip at the same time. Ended up investing $25,000 into the house bought for $115K and sold for $170K.

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

Wanted to learn

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

My mentor helped me find this deal

How did you finance this deal?

Conventional loan

How did you add value to the deal?

I did some of the work to fix it but mainly outsourced it and bought all of the supplies for the flip.

What was the outcome?

Made about $20,000 after fees and learned a whole lot.

Lessons learned? Challenges?

1. It's best to jump in and not always wait for the perfect deal to come up.
2. Never pay a contractor until work is finished. I had a contractor that already did a lot of work on my property and I was leaving the country for 15 days so I prepaid him $500 to do some more work while I was gone. He did nothing and then ghosted me when I was back in the states.