First Flip Underway in KY

[Malcolm Grundy]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $85,000
Cash invested: $85,000

Single family home under market value. Making some major renovations to improve the resale value.

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

i want to use flips to fund multi family purchases

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

I have 2 friends in KY, one is an investor who does the majority of his own rehabs. The other is a real estate agent who also does property management. My investor friend was actually presented the deal, but had 3 houses in the works. he simply didn't have the time or manpower to take it on, so he sent it to me.

How did you finance this deal?

i paid cash

How did you add value to the deal?

it is currently being rehabbed with all new flooring and drywall. we removed 2 walls to open up the kitchen to the living room. we might possibly move a half bath by eliminating a small adjacent closet and turning it into a full bath

What was the outcome?

still in process

Lessons learned? Challenges?

I'm an overthinker. i was extremely cautious because i wanted to make sure i had my systems in place, all the while the foundation for my systems were in place ---A friend who is a real estate agent with property management experience; friend who is an investor with extensive rehab experience. Not to mention he's worked with the wholesaler who brought us the deal. The wholesaler has now brought me a few other deals i'm considering as well.

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

Brad Harmon (bradharmonhomes.com) and Michael Dawson