All Forum Posts by: Tricia Ewing

Alex S,

Yes it did have a large 4 bay barn and fully fenced property. That portion of the property had not been used for housing livestock for years (Previous owner had used it as storage! ).  With this home we learned some hard lessons on flipping in a specialized market.  It was a great first experience and we've done several smaller scale flips since then.  It was a good one to 'get our feet wet' on..

OKay let's think about this for a moment...Is your offer a good offer?  Do your numbers make sense on this property?  Did you base your offer on the numbers or that the property had been sitting to long?

 My opinion is that you are worried to much about the 'other guy'... if your offer is good and you put all of your cards on the table then ride it out... if you held back on this one and aren't able to get this property then use this property as a lesson and move on and buy the next one... If you get twitterpated whenever an deal goes a little sideways you'll spend forever freaking out in real estate.  Just put your best foot forward, trust your numbers and don't worry about anybody else .. it will happen don't try to force a deal...I know its frustrating but it's gonna get worse before it gets better if this is your first deal.  :-)

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $200,000
Cash invested: $40,000
Sale price: $360,000

Bought a little ranchette updated it and flipped it using private money.

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

This was our first deal and the numbers made sense. We wanted to try our hand at a flip so we jumped in with both feet.

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

We dealt directly with the owner and negotiated.

How did you finance this deal?

private money

How did you add value to the deal?

We totally gutted the kitchen and removed a few walls from the home. Removed all of the dated flooring and lighting and repainted and updated the bathrooms. The home had a jack and hill style bathroom with two bathrooms connecting to each other. We put a wall between the two bathrooms so they were each separate and removed the fiberglass shower and tiled the master shower.

What was the outcome?

The property sold in june 2019

Lessons learned? Challenges?

it took MUCH longer to finish than we planned. As soon as the property was ready to put onto the market we had our first major snowstorm of the season. That didn't help to bring potential buyers into the home...