Fresno - SFR Fix & Flip
Investment Info:
Single-family residence fix & flip investment in Fresno.
Purchase price: $48,000
Cash invested: $37,000
Sale price: $155,000
4 week flip done in the downtown Fresno area. Near freeway but seller wasn't looking for a large profit off of the sale, so the numbers worked perfectly. A lot of foundation work & framing/sheetrock, but came out making an older neighborhood pop a lot more!
What made you interested in investing in this type of deal?
The purchase price was right and we had room to work with the interior and redesign how we pleased.
How did you find this deal and how did you negotiate it?
The seller contacted me via my direct mail postcard, and I met him the next day. He just wanted a little over what he owned, which was around $43,000.
How did you finance this deal?
I had private money from my investors. Pretty much just a JV.
How did you add value to the deal?
We redesigned the interior of the house to make for a much larger kitchen and dining area. Also upgrading all appliances and furnishings in the house.
What was the outcome?
A satisfied seller, a great new house, and a perfect profit!
Lessons learned? Challenges?
Learning just how badly freeways effect your sale price in the end. It can be more than just a couple thousand dollars off original ARV estimate.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Chris Cissel was the agent, and he is investor friendly and extremely knowledgeable with fix & flips.
