First Flip (Raleigh, NC)

[Brett Long]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $196,500
Cash invested: $30,000
Sale price: $284,000

First flip under my belt. Had help from a local small husband & wife rehab company and the finished product ended great. Would have done a 1031 but needed the cash immediately to help fund some of my other BRRRR properties.

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

I'm mainly interested in BRRRR investing but needed cash to continue to fund my BRRRR projects. I so badly wanted to keep this as a rental but at the end of the day the numbers drove me to flip it.

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

MLS, worked with an agent friend and had to offer $21k over asking to win the bidding.

How did you finance this deal?

Private investors/hard money bridge loan.

How did you add value to the deal?

Rehabbed pretty much every part of this property but knew the area was very desirable.

What was the outcome?

Ended up taking $45k out for my business reserves and around $45k split between investor payback coverage and funding current projects.

Lessons learned? Challenges?

REHABS ALWAYS TAKE LONGER THAN EXPECTED, ESPECIALLY IN A HOT MARKET!!! On another note, I'm still pretty new to real estate investing and am pretty handy myself so I'm learning more and more to delegate and manage instead of working on the project myself.

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

I'd recommend Tri-River Consultants. I've worked with them since I started investing as they helped me get my first BRRRR off the MLS. Specifically I'd recommend Gabby Murillo Anderson and RJ Peace.