Dundee Memorial Park FLIP
Investment Info:
Single-family residence fix & flip investment in Omaha.
Purchase price: $310,000
Cash invested: $50,000
Sale price: $585,000
This was a live-in flip to avoid capital gains. I convinced my new wife to see what I do in real estate. She agreed and we added some modern updated to a classic brick Dundee home. Most of the work was done in the first 6 months and we enjoyed it. This was a SIX-figure profit deal!
What made you interested in investing in this type of deal?
The location and character of the home.
How did you find this deal and how did you negotiate it?
It was a relation service that was having trouble selling it.
How did you finance this deal?
Local bank, 10% down.
How did you add value to the deal?
We did some major modernization to the home just to bring the appeal to today's buyer. We left the character and some original features.
What was the outcome?
This was a BIG win and proud to say SIX-FIGURE profit that we used to buy our home.
Lessons learned? Challenges?
When dealing with older homes, it is better to find a contractor who has done the specific work required (may be plaster walls, or antique chandelier, or old tile).
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I use myself - Ryan Basye at Nebraska Realty
Dundee Bank for the financing.
