First completed flip

[Anthony Morales]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $312,000
Cash invested: $10,000
Sale price: $550,000

Had a lot of fun with this project. Was able to complete all the work myself along with my guy's. Saved thousands not having to hire contractors.

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

I chose this home because I knew it would pencil in the end. I used my formula for renovations that I have done hundreds of times for other investors but this one was my own. Very pleased with the outcome and it netted $230,000 profit

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

I found this home by driving around and it was for sale. I didn't try to lowball the owners because I knew it would sell with the specific formula I use because it's works every time.

How did you finance this deal?

Received a loan for the down payment as well as the first mortgage

How did you add value to the deal?

Everything - Travertine Flooring throughout, New Cabinets, New Windows, New Roof, New Counters, etc. I have great relationships with suppliers and am able to purchase excess material for a huge discount. I also manage and contract all the work myself. If you're doing an owner managed construction project, you are able to be the general contractor for most of the work.

What was the outcome?

Outcome was a $230.000 profit

Lessons learned? Challenges?

This was my first project for ME. I have done this numerous times for developers and investors. I learned how valuable this is

[Jon Coleman]

Congratulations on such a successful flip!  How long did it end up taking you from start to finish?

[Anthony Morales]

Hi Jon,

very sorry I didn't respond, I am just now seeing your comment.  It took me a year but I lived there for the duration.  If I was to Fix and Flip only, as a stand alone project it would have taken at least 6 weeks.  That is if I had funding for the renovation.  Today I secured my first owner financed property in Palm Springs area.  I will keep you posted if you want, I am new to doing this for myself so I don't have a lot to add from the developer side.  I have been lead contractor on many many projects though.  But that was with other peoples money and no risk for me.  Very different feel

\Thanks for the response