First flip investment property with partners

[Preston Williams]

Investment Info:

Single-family residence fix & flip investment in Goose Creek.

Purchase price: $145,000
Cash invested: $15,000

Partnership, first real estate investment, almost all work done DIY. Under contract.

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

Biggerpockets podcast, and a few other motivated friends.

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

I found it by driving last an open house, first day on the market. Was listed at 165k. House had no flooring, paint, and several holes in the walls. Offered 140k with a partner and paid closing costs and 145k .

How did you finance this deal?

Conventional loan, 20% down.

How did you add value to the deal?

Tons of elbow grease in the evenings and weekends. Installed cabinets, flooring, plumbing and electrical. Seeded and maintained the yard. My expertise was technical things like plumbing and electrical.

What was the outcome?

Beautiful house in two months!

Lessons learned? Challenges?

If working with partners, lay out (write down) responsibilities before closing. Decide who pays the bills, does which work, takes out the trash, cleans, and coordinates which contractors. Something that really helped us was having friends and a realtor come by every few weeks to talk about progress and brainstorm.