Turnkey Fix and Flip
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $40,000
Cash invested: $68,785
Sale price: $89,900
This is our first Turnkey Flip in Birmingham! We fully updated this 1956 home with a new bath, kitchen, paint, refinished hardwoods, mostly new plumbing and new HVAC system. The roof was only 5 years old and was good to go! We found a great tenant and was able to sell this on Roofstock.com
What made you interested in investing in this type of deal?
I found that I was turning down deals because I couldn't or didn't want to hold them. I realized that I could take these deals, create quality housing and sell them to other investors.
How did you find this deal and how did you negotiate it?
I found this through word of mouth in my network. I negotiated directly with the seller and gave her very close to what she wanted out of the property.
How did you finance this deal?
Cash and private lender
How did you add value to the deal?
I was able to help an elderly lady get out of a house that needed a LOT of love and into a 1-story home closer to family. We then completely rehabbed the property and provide a quality resident for a Birmingham resident.
What was the outcome?
It all worked out
Lessons learned? Challenges?
We had some hurdles with this house. Learning to work with Roofstock was an experience. We had an overall good experience with them. They partnered with two large PM's in town, and both proved to have their challenges. Our contact of our PM went silent on us for 2 weeks while trying to list this on the rental market. In that time it was broken into and vandalized which set us back about 6 weeks total. However, in the long run we learned that to truly turnkey you need to go ahead and replace ever
