All Forum Posts by: Jeff Wittig

@David Walker Thanks David your help on the insurance made this deal go smoothly for a first timer!

@Ryan J. Shope We held the property for basically 3 months working pretty much on weekends when holidays and kids events didn't get in the way. When we were done and listed the condo on the MLS we were in contract with a backup offer in less than 24 hours.

@David Clinton III Hi David my wife @Kelsey Peters-Wittig and her mom did the staging.

@Ryan J. Shope Hi  Ryan I paid cash for the  the Condo including the materials.  $97,500 for condo and another 13K for materials. total investment $110,500

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $97,500
Cash invested: $13,000
Sale price: $139,900

Contributors:
Kelsey Peters-Wittig

Purchased off the MLS. Cosmetic remodel including paint, minor drywall work, flooring, lights, appliances, water heater all new cabinetry, counter tops, fixtures and moldings. Work was preformed by myself on the weekends.

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

Easy flip for my first flip and the numbers just made sense. Something I could do wile working a full time job. Most important was being able to spend quality time with my father working on this. I almost turned this deal down due to time analysis paralysis and I changed my mind after thinking about how I will not get this kind of time spent with my father as it is not always guaranteed.

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

My Agent

How did you finance this deal?

Cash

How did you add value to the deal?

Doing the work, shopping for deals on materials

What was the outcome?

Great we made a profit!!!

@Greg Dickerson Thank you Greg 

@Karl Krauskopf I formed it as a single member LLC.

Hello BP community.
Have a question that I'm hoping someone may be able to offer some advise on. When purchasing a house to flip would it be better to purchase under my General Contractor LLC (mainly used for house flipping and some handyman work) or set up a different type of entity to purchase it under. This is in Spokane Washington and besides flipping my wife and I own 2 rentals in California and 3 in Washington that we want to make sure are not affected.

Thanks Everyone!

Jeff Wittig

@David Clinton III thank you so much David for the link information. This was not why I had originally asked the question but it was an answer that I needed to hear because I see now I was going at this uninformed of the rules. Looks like next step is getting the GC licence sooner than anticipated to be legit. Again thank you so much David I truly appreciate your time and response.

Jeff Wittig