Single-family residence fix & flip investment.
Purchase price: $47,500
Cash invested: $72,000
Sale price: $165,000
Full gut renovation, unexpected additional repairs. The job took 2 times longer to complete than anticipated and luckily the extra time on the market actually helped to create a little extra profit instead of just breaking even. The house got broken into 3 times, the trash guy got robbed at gunpoint. There were a lot of learning lessons but since I bought so well, I did not get hurt on it. Shout out to the incredible work from R&G remodelling and Rhyan and Charlie
What made you interested in investing in this type of deal?
The buy was really low and the neighborhood is emerging
How did you find this deal and how did you negotiate it?
I am an agent, found it on the MLS and made a quick offer
How did you finance this deal?
I used my own funds from a HELOC
How did you add value to the deal?
Full gut renovation
What was the outcome?
Sold for a small profit
Lessons learned? Challenges?
Always pull permits for all work and never underestimate what can hide behind panelling and drop ceilings!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, myself, Romeo Santos
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