All Forum Posts by: Christopher Wilson

Thanks for the warm greetings!

@Andrew Syrios thank you!

@Ned Carey yeah I was having analysis paralysis for a while but I went ahead and made myself jump in. An I am already so glad I did.

@Ned Carey thanks! It’s an investment property

@James Wilcox thanks I can’t wait to see where it takes me.

@Bill Hampton thank you! This platform is really something!

Thank you so much! 

Hello everyone, 

I live in Paducah, Kentucky and I am so excited to be here! I just bought my first single-family home two weeks ago, so I am new to all of this. I look forward to connecting with you all and learning as much as I can. Feel free to reach out. I am probably not the best for advice but if I can help someone in any way I will sure try!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $47,000
Cash invested: $2,500

This my first Fix & Flip! It is a 2bed/1bath 863sqft single-family home. I put zero down on the house and the seller covered my closing costs. The house has decent bones and all we are renovating is cosmetics such as flooring, vinyl siding, and a new kitchen. The ARV on the house should be around $72k so I hope I get this right. I do not have a lot of capital so I am pretty much bootstrapping this whole project in hopes to make a little profit to get me to the next house. Wish me luck!

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

I have wanted to invest in real estate for a long time but have always been afraid to do it. I had this notion I needed a lot of money to get started but I realized that the longer I wait the longer it will take. So I jumped in feet first into a property I knew I could get with no money down.

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

I found the deal on zillow. I initially offered $45,000 but was countered at $47,000 and I agreed to the offer under the condition of the seller covering the closing costs. This allowed me to use my money on the renovation instead of the closing.

How did you finance this deal?

I financed this through a traditional loan at my local bank.

How did you add value to the deal?

I am currently renovating this project to hopefully have some gain.

Lessons learned? Challenges?

That if you really take your time to look and learn there is always a way to enter the game with mitigation of risk.

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

Yes, If you are in Paducah Kentucky Arnold Realty Group is the best. They are extremely helpful in educating me and making sure everything went smooth.