Single-family residence fix & flip investment in Fridley.
Purchase price: $80,000
Cash invested: $47,000
Sale price: $163,000
Flip #2 in Fridley, MN in 2011
What made you interested in investing in this type of deal?
Again, it was cheap enough to take on with the cash funds that I had available at the time. Exterior was nice, newer windows, and a massive 6 car garage that was bigger than the house!
How did you find this deal and how did you negotiate it?
Through the MLS system I was a licensed real estate agent and negotiated my own deal.
How did you finance this deal?
100% of my own cash. I had made a good profit on my first flip and had enough funds.
How did you add value to the deal?
Complete remodel and added a 3/4 bathroom in the basement.
What was the outcome?
Pretty good. Made about $30K not a huge profit, but the house was done very fast. It did sit on market as it was winter in MN and the area was just OK.
Lessons learned? Challenges?
The house had mold in the basement, which I had professionally remediated with demo for only $2,000. They also provided testing and paperwork for the new buyer. Was less than I expected. I also learned the importance of location/school districts. Although this house was in Fridley MN, it was on the border of a less desirable area of Columbia Heights, and also within the Columbia Heights school district. The massive garage bailed me out with a buyer that had Harleys and a Corvette!!!
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