Mid-Century Flip in Hot School District Central FL
Investment Info:
Single-family residence fix & flip investment in Winter Park.
Purchase price: $285,000
Cash invested: $40,000
Single Family home 4-2, 1800 sf in Winter Park, FL. Significant structural renovation to kitchen to achieve "open concept". Infill hardwood floors, new tile in family room, new carpet in master, total master bathroom renovation. Drywall added to laundry room. Selling later this year (for a full year homestead / long term capital gains) and into late next year. Goal is $30k-40k profit.
Before and After Pictures attached.
What made you interested in investing in this type of deal?
I really wanted to do a major structural renovation with permitting, inspecting, and manage everything myself. It was very rewarding to see this home come such a long way.
How did you find this deal and how did you negotiate it?
I found the deal shortly after it came on the market. I liked the layout of the house and thought with some small changes the mid-century with the vaulted ceilings could easily become more "modern". I thought right and estimated slightly wrong! I won't make as much as I thought on this deal, but it's currently on the market.
How did you finance this deal?
It's my homestead so 30 year FHA loan was the best monthly payment.
How did you add value to the deal?
Major kitchen renovation - took down 2 walls and completely changed the layout/opened it to other areas
Master bathroom - enlarged shower and complete gut, changed location of toilet to add space in master bath
2nd bathroom - new floor, cabinet, fixtures, refinished wall tile for new look
laundry room - finished the walls and added floor tile
Paint inside and out
New trim and door hardware
What was the outcome?
It's on the market as of January 2019, I'm writing this post February 2019 and it's been on the market for 3 weeks with lots of interest.
Lessons learned? Challenges?
I almost had an offer the first weekend it was on the market. The feedback I keep getting is people are worried about the roof. Next time I will overestimate my interior renovations and save money for major systems like the roof and HVAC so it can comp with other completely renovated homes. Major regret = not doing roof.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I'm representing myself on this deal.