Single-family residence fix & flip investment in Ypsilanti.
Purchase price: $72,000
Cash invested: $45,000
Sale price: $165,000
3/1 ranch, 1024 sq ft, full basement (one side finished), family room addition, open concept living/kitchen, large lot
What made you interested in investing in this type of deal?
I was eager to do a flip and this was a foreclosure I found on Zillow in my area, had all the elements of a good flip (3 beds, garage, basement) and it's a desirable area.
How did you find this deal and how did you negotiate it?
It was a foreclosure on Zillow, multiple bid situation, I went all in with no inspection contingency and I won!
How did you finance this deal?
Hard money and savings.
How did you add value to the deal?
Updated everything! Opening the kitchen up to the living room probably added the most value.
What was the outcome?
A beautiful house that sold for over ask in 1 day!
Lessons learned? Challenges?
Don't work with family. Budget for new everything even if you think you won't need it - then add 10%. Base your numbers on your worst case scenario so you don't lose money. If you believe strongly in something, go with your gut. Keep a super close eye on your budget to make sure you're not overspending or overbuying and wasting product/material, and to make sure you're sticking to your budget for each section/phase of the project.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Flip Funding (hard money lenders here on Biggerpockets).
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