Single-family residence fix & flip investment.
Purchase price: $110,500
Cash invested: $31,000
The end is near on this exciting project! It is currently 2BR 1 Bath 1172 sq ft. We may go 3BR 2 Bath with laundry and entertainment space for 2000 sq ft. It depends on the interest we get. There are brand new cabinets, appliances, water heater, HVAC, windows, concrete countertops, original hardwood floors, tile bathroom, tile kitchen backsplash, and huge backyard, Just to name a few. The home will be equipped with smart home technology.
Coldwell Banker River Valley Realtors
What made you interested in investing in this type of deal?
I have been wanting to flip a home for many years. This home came up in a very sought after neighborhood and was in great disrepair which made it appealing to me.
How did you find this deal and how did you negotiate it?
I had been watching it going into foreclosure however we were not quite ready to pull the trigger yet and then as soon as we were we drove by for one last look and there was a sign in the yard so we purchased it through MLS.
How did you finance this deal?
We used a HELOC on our home for the down payment and took out a commercial loan to finance the home and the repairs.
How did you add value to the deal?
We have been investing a ton of sweat equity and giving it a very unique custom look and feel
What was the outcome?
Lessons learned? Challenges?
Lots of lessons learned which is what we were hoping for. Mostly it is the preparation and organization. We have learned better ways to organize the projects so that we are not constantly going back and fourth.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am a real estate agent myself so if course I used this to my advantage in the purchase and will again in the sale. I would highly recommend myself hands down:)
Congrats! Are you planning to hold until the buying season in the spring?
Hi Amanda, I don’t think so as homes in this area are not even making it to the mls before selling so we hope that we have what people are looking for now. Thank you
Great that your market is so hot!
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