Oakland Avenue quick estate flip

[James J Canull]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $203,500
Cash invested: $25,000

This was an estate sale where everything was a good size and just needed updated. We tore up carpet, refinished the floors and only had to redo one of two baths. I tried to see how little I could do for a sale and ended up just painting the vanity and refinishing the tub and replacing the hardware. We even kept the laundry area in the garage and put epoxy on the floor and built a cabinet for the laundry to fit in for a clean look.

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

Looked like a popular area and it appeared it would need minimal love before listing.

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

I threw in a quick cash, as-is deal the hour it came up on the market. I could see it was undervalued and they were looking for a quick easy offer

How did you finance this deal?

private money lender

How did you add value to the deal?

removed carpets, refinished the floors, replaced kitchen and bath hardware. Painted all cabinets and removed the cabinets blocking the view from the kitchen and dining area

What was the outcome?

I ended up getting this done within a 2 month period and had to replace the roof for the Buyer.

Lessons learned? Challenges?

I should have just replaced the roof before listing and there might have been more interest

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

just myself:)