The journey to my first fix and flip

[John Bucci]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $270,000
Cash invested: $100,000
Sale price: $475,000

This was my first flip at 26 years old. At the time I owned and operated owned and operated plumbing business and decided to get involve with a fix & flip with my investment partners. We bought the property all cash and began renovations. I was able to do the all of the plumbing renovation and we hired a GC to take care of the rest of the work. At the end of the project my partners bought me out at market price and they held the property till this day as an investment.

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

The house was sitting on the market for a long time and needed some repairs and was well below market value.

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

Through the listing agent.

How did you finance this deal?

Cash

How did you add value to the deal?

Whole house renovation. Kitchen and bathrooms

Lessons learned? Challenges?

Biggest challenge was oil to gas conversion.
Learned how to create corporation and use tax laws