1st Flip-SFH with Pole Barn
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $100,000
Cash invested: $115,000
Sale price: $249,900
Single Family House-1400sqft-3/1.5
Actual sqft was 1600sqft and was able to convert bonus space to additional bed room and convert 1/2 bath to full.
4 bedroom 2 bathroom, huge 4 car garage with hook up for in floor heating, and sits on large 1/2 acre lot.
What made you interested in investing in this type of deal?
Wanted my first deal to be small enough to manage and not stress financially
How did you find this deal and how did you negotiate it?
MLS-jumped on with offer the same day as the property got relisted.
How did you finance this deal?
Cash purchase, with funds borrowed from family.
Construction loan for the rehab 65/35
How did you add value to the deal?
Sqft was greater than listing showed
Upgraded half bath in master to a full bath
Open concept kitchen
What was the outcome?
Had multiple contracts on property and eventually sold with $25,000 profit.
Lessons learned? Challenges?
Vetting the contractors including recommendations is a must.
Make sure to understand how many jobs your contractor is fully taking on at the same time.
Waiver process was essential with the bank on keeping the contractor honest with scope of work and schedule.
Get everything in writing for change orders.
