First Fix and Flip!!! Scary but Successful

[Danielle Pidgeon]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $137,000
Cash invested: $35,000
Sale price: $234,700

Fix and Flip

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

We've always had a passion for construction and real estate, but the timing never seemed right. Once we finally made the right connections everything seemed to fall into place.

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

We made a great contact who's a hard money lender and she has many wholesale contacts. She's amazing!

How did you finance this deal?

Hard money

How did you add value to the deal?

I didn't have my license at the time so I spent a lot of time researching Zillow and Realtor.com to help me reaffirm what we already knew.

What was the outcome?

The outcome was better than expected and we received a full price offer the first day on the market. We bought the house pre-Covid. We were really scared when things shut down, but timing is everything....the market was just getting starting to pick up steam again and we sold with no problem.

Lessons learned? Challenges?

Even with the best construction budget and understanding how to allocate that money, be ready for surprises. It just happens, but have a little extra contingency for the unexpected.

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

We did FSBO and it worked out fine. After that, I got my real estate license.