My first fix and flip

[Joshua B Pruitt]

Investment Info:

Single-family residence fix & flip investment in Jacksonville.

Purchase price: $52,000
Cash invested: $117,188

Fix and Flip that needed to be completely cleaned out, all new flooring, walls, bathrooms, and kitchen.

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

It was an awesome opportunity to help a friend who's father had recently passed away, and for me to get my toes wet in the flip arena.

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

A friend asked about selling the property while it was still in probate, and they knew it would be hard to sell. I offered them 70% of estimated sales price minus repairs. They knew it was enough for me to still possibly make money and for them put the down payment on their new forever home. We all won!!!

How did you finance this deal?

Cash!!!

How did you add value to the deal?

Complete gut! See some of the pictures below.

What was the outcome?

Amazing! Our contractor was amazing, and I couldn't be more excited to provide a great home to a family.

Lessons learned? Challenges?

The plumbing will be shot! $8k of unplanned plumbing. Also, the contractor cannot do it as fast as he thinks he can. He also cannot do it in the extra 2 weeks that you thought it was going to take. It will take 3!!!

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

No.