Single-family residence fix & flip investment.
Purchase price: $130,000
Cash invested: $55,000
Sale price: $255,000
Solid brick home in a nice residential neighborhood. Elderly lady had sadly 'lost her mind'. The house was full of fleas, spiders, and yes...human feces. :-0
As you can see in the pic, she also became quite a hoarder. It took 8 dumpsters to remove all the debris!
We completed a full cosmetic renovation within 30 days of purchase...listed on MLS...and were under contract the first weekend with a cash deal for $5k over asking price.
What made you interested in investing in this type of deal?
While the house was absolutely disgusting, and numerous other investors declined from making an offer...I was able to see through the clutter and recognize the house was a perfect find. The neighborhood had true pride of ownership, and this house was one of the smallest houses in the neighborhood at 1,850 SF. Therefore, we were able to list it retail as one of the less expensive houses in the neighborhood...so perfect entry home for someone to move into an upscale community!
How did you find this deal and how did you negotiate it?
Direct Mail marketing. The seller was the daughter of the owner. She was out of state...so she called a handful of investors and gave us all a lockbox code.
How did you finance this deal?
6 month hard money loan from a private lender.
Makes me think of a Hoarders episode where the home was full of feces bottles/buckets along with trash. The town condemned the property because of the hoard and the roof had a small crack. When all was cleared the town reversed their decision because all that was needed was a new roof. While watching I immediately thought that would be an interesting deal. Looks like you found yourself one, Well done @Scott Harvell !
Didn't let a little extra hard work detour you from the potential - quick turnaround too, congrats!!
Nice profit Scott!
I’d call that a home run.
Thanks for the friendly comments!! It was a fun an interesting project for sure!!
I was hoping to post some before and after photos...but not completely sure how to on this platform (I'm new).
I tried in the post...but it only shows the one pic.
What's the easiest way? Am I allowed to attach a link?
Or, would you say people really wouldn't care to see before and after pics on this platform?
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