First time Flipping On the verge of being sold...

[Franz Ozuna]

Investment Info:

Single-family residence fix & flip investment in New Fairfield.

Purchase price: $194,300
Cash invested: $82,000

Completely remodeled, designed and staged for top dollar. Listed on the market now and looking to sell.

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

We had a vision for this home that has had no updates since the 60's. We raised ceilings, removed walls for an open feel and made everything on top floor new again. Price was right for the area and condition.

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

Found it through realtor.com and simply offered list price.

How did you finance this deal?

Conventional

How did you add value to the deal?

Everything was made new inside and on the exterior we simply repaired deck and patio. Good amount of landscaping done.

What was the outcome?

In this sellers market we should be able to sell the home for $400-$415k in the next 2 months. After capital gains tax, real estate and other fees should net $100-110k. Thats a big win for a first flip!

Lessons learned? Challenges?

I budgeted $10k more on Reno for things that come up and would surprise us later so I had no surprises financially except that the house was able to be listed on the market for more than what I expected and I will always welcome that!

Challenging part was doing all the Reno on time for my family to move into the home. Had to make it livable enough in time for when my lease was up on a rental. We had to stay in a hotel for 2 weeks which was unexpected but that's covered under the $10k.

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

Arber and Mike from Keller Williams assisted us.