Clearwater House Flip
Investment Info:
Single-family residence fix & flip investment in Clearwater Beach.
Purchase price: $185,000
Cash invested: $52,000
Sale price: $257,000
First true fix and flip solo. A lot of lessons learned and A LOT that needed to be done from top to bottom. Biggest challenge was I tried to do too much myself, failed a lot, but in the end learned a ton to be better for future projects and still made money. I can’t complain.
Facts: 1200 SF ranch 3-2 with an odd layout, sun room on back of house with fenced in backyard on a corner lot. 2 car garage.
What made you interested in investing in this type of deal?
I wanted to build some quick cash to reinvest into buy and holds but needed to make some additional capital first so I thought a flip would be best to start
How did you find this deal and how did you negotiate it?
I used a local realtor recommended from a friend and she gave me an email list of multis and income properties
How did you finance this deal?
Straight mortgage 30 year but since I knew I wasn’t going to keep it I negotiated a higher interest rate for less money down and buyer credits at the table which saved $1000s
How did you add value to the deal?
Flipping the property and sticking to the numbers and not trying to overdo the rehab
What was the outcome?
A successful flip
Lessons learned? Challenges?
Tonsssss....subway tile takes time and don’t let your grout dry or you are screwed! I did the full bathroom Reno’s myself between my full time job and traveling for work. I was there every single day I was in town for the entire rehab. I should have hired a contractor sooner and not tried to take on as much myself. I hired 2 throughout the rehab - 1 not very reliable and 1 that was a game changer! Once you find a good one that is dependable and reasonable and does good work, don’t let it go
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes -
Becky Slocum with Smith and Associates - Realtor
Amanda Majette with Open Mortgage - Lender
