Taking a chance finally

[Keith Hart]

Investment Info:

Single-family residence fix & flip investment in Stockton.

Purchase price: $245,000
Cash invested: $55,000

Almost done with the flip. Hopefully going on the market on 10/27/21.

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

I’ve always loved real estate. My wife and I have basically flipped our own homes. I had been looking for a flip for a while. This property came up and I went for it.

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

We found the listing on MLS… realtor.com

How did you finance this deal?

At first all cash. I have two business partners on this. Then we have a hard money loan.

How did you add value to the deal?

We bought the property a little high. Knowing that we were not going to make a lot of money but we just wanted to get our hands on a property for our first flip.

What was the outcome?

Don’t know yet.

Lessons learned? Challenges?

Learned a lot. We had a contractor who walked the house with us originally. Said it would take 4-6 weeks and gave us a budget. We had to fire the contractor after he no showed for 3 weeks. So I took over as our contractor. I definitely was not looking at managing everything. I had to find subs during a crazy busy time. Thankfully I’ve been very lucky and have had great subs.

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

Yes. Had a realtor and worked with a hard money lender.