Flip and Fix 3341 South Plaza Neighborhood, VA Beach, VA 23452
Investment Property Information:
Single Family (Two Story) Residential Property (Virginia Beach, VA)
Property Information: (2024 Sq Ft, 3 Beds, 2.5 Baths, Sunroom, Corner Lot.)
Purchase Price: $215,000.00
List Price: $325,0000.00
Sale Price: $329,000.00
Financing Information: Private money
How the Deal was found: Off Market/ FSBO Negotiated down from $250,000.00 to $215,000.00
Value Added to the property: Value added by installing vinyl water resistant flooring, renovating sunroom, renovating bathrooms (not full renovations), new carpet in the bedrooms, new trim/baseboard, knockdown texture, new paint, new outdoor carpet for sunroom, and updated detailed work etc.
Outcome: Multiple offers within the first day, only took the 4k over with a guarantee of 4k, closing within 25 days of ratification.
Profit: a little over $40k split between two partners. So, a little over $20k each.
Challenges/Lessons Learned: If contractors look like they are slacking or not following through fire them sooner than later, as interest adds up as well as the cost of paying new contractors to do redo the work that needed to be redone.