First fix 'n flip in KCMO

[Jesse Wheeler]

Investment Info:

Single-family residence fix & flip investment in Kansas City.

Purchase price: $107,000
Cash invested: $32,000
Sale price: $167,500

Our first stab at a flip went fairly well. Off market purchase via an employee, fairly extensive work but no major structural repairs.

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

My father and I have some small commercial properties and one residential rental and decided to try something for some quicker cash in a hot market

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

We had an ex employee reach out about his run-down house

How did you finance this deal?

Commercial loan at a traditional lender.

How did you add value to the deal?

My father and I performed alot of the work, hired out roof and some of the finishing

What was the outcome?

Netted nearly $20k after commissions/closing

Lessons learned? Challenges?

Underestimated investment needed and final price point potential

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

Yes, we used an agent to list and sell for us