My First Flip (what went right and wrong)
Written by Viktor Jiracek on Aug. 17th 2019
Firsts are always memorable. 

First kiss. First date. First Flip.

Yes I did just compare dating to flipping. 
I think it's a good analogy because the first time is always awkward. 

But it's necessary. 

It's necessary to go through the motions for the first time. Learn from the entire experience and do it again. But do it better. 

Let's talk about the awkwardness of my first flip... shall we? 

I was cold-calling to find the deal. I had just switched markets from Miami to Gainesville.

I called this lady. She was friendly. She was an out-of-state owner. Lived in Texas. Was a nurse there.

She inherited this property from her mother who passed away. 

She was so far away and the property was in disarray. Needed lots of work. 

It was hit by Hurricane Irma. 

It need a lot of renovation
>Needed New Floors
>Needed New Interior/Exterior Paint
>Needed New Kitchen

There was a 10 foot log that crashed through the roof and ceiling right into the living room.

So of course we had to get that fixed too. 

I bought it at $105k.
I ended up putting about $28k in repairs.

I initially listed it for $190k but there were no bites. 

I lowered the price and ended up selling for about $170k.

Still a good profitable deal. But boy did I learn from that one. 

I grabbed a financial partner on this one. So they put up the money and I put up the sweat equity. For that partnership, I would get one-third of the profits. 

In the end, we netted about $28k. So about $9k net profit went to me. Not bad for a first deal.

Lots of mistakes were made. But that's good.

It's ok to make mistakes. It's unacceptable to not learn from them.  

And that's my first deal! It wasn't a home-run but it got me started and I'm grateful for that. 

Viktor Jiracek

Viktor Jiracek helps people start and grow their real estate investing businesses. He is an expert at helping people get clients using online methods and making things super simple to understand.
If you're interested in starting your own real estate or scaling up and getting clients then definitely reach out and request a free strategy session today.
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