My first flip under contract!

[Derek Wheeler]

Investment Info:

Mobile home fix & flip investment.

Purchase price: $21,000
Cash invested: $44,000
Sale price: $116,100

This is my first flip finally have it under contract for $116,100!! At the beginning of the project, I had projected the ARV to be around 80K - 90K but the huge increase in home prices this year has helped me get an extra 20k in equity. This has been a huge learning experience for me but I am proud of the results.

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

At first, I bought the property to turn into a rental but I also ran the numbers as a flip and turns out I would make a nice profit on it. I am glad I ended up flipping instead because I am interested in moving the capital into multifamily.

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

I found this deal on the MLS listed at $28,000 and I had the listing agent represent me as well as the seller. This helped me negotiate the price down to $21,000 when originally the seller didn't want to go below $27,000. It wasn't a huge difference but it helped me with my negotiation skills.

How did you finance this deal?

I financed the deal all cash with a partner.

Lessons learned? Challenges?

A huge lesson I learned was to delegate the tasks that were taking up too much of your time to focus on the more important tasks.