fix/flip loacted near Virginia Beach Towncenter
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $100,000
Cash invested: $190,000
Sale price: $250,000
Used a General contractor on this property and did minimal work ourselves.General contractor made things so much easier! We were still able to work our full time jobs, and we'd stop by to check on the progress. Using the GC cost us so much more than we had planned on paying. We were way over budget, but profitable and didn't have to work nights & weekends.
What made you interested in investing in this type of deal?
Location
How did you find this deal and how did you negotiate it?
MLS. We offered $35,000 below list price and WON the bid!
How did you finance this deal?
Partnered up with friends and used our personal savings. There are 2 couples involved, including my husband and I. We split the cost of the house and renovations 50/50.
How did you add value to the deal?
Completely renovated with high quality finishings. Our rehab SOLD for $20,000 more than anything else in the neighborhood. We added 300 square feet and already had a 2 car garage, but this house definitely improved the neighborhood value.
What was the outcome?
Received an offer before it was complete, and even on the market.
Lessons learned? Challenges?
This property came with tenants. No deposit or rent transferred over to us. The tenants wanted to stay, but we felt the house was "unsafe". They moved out with out paying rent, and left a house full of furniture.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I was the real estate agent that represented our group.
