Single-family residence fix & flip investment in St. Louis.
Purchase price: $153,000
Cash invested: $150,000
This property is 3 bed/2.5 bath row house in the Lafayette Square neighborhood in St. Louis, MO. It's a total gut so it'll be brand new from top to bottom
What made you interested in investing in this type of deal?
I love Lafayette Square. The history and vibe of that neighborhood is amazing and the idea that I could put my stamp on a property there was intriguing.
How did you find this deal and how did you negotiate it?
This home was listed on the MLS. The negotiations were definitely tricky. I got into a bidding war and eventually won the deal and signed the agreement but the seller backed out because at the very last second a higher bid came in. That deal eventually fell apart and the sellers agent came back to see if I was still interested before he relisted. The rest is history!
How did you finance this deal?
How did you add value to the deal?
I don't even know where to start...everywhere basically. This property is 130 years old and hasn't been touched in many decades. This is literally starting from scratch.
What was the outcome?
Still working on it. It's been over almost a year at this point so I'm looking forward to updating BP with pics when it's complete.
Lessons learned? Challenges?
This is my first major flip so the lessons have been many. The most valuable lesson (outside of hiring the right GC) is to believe in yourself and your vision. This project has been extremely stressful but I believe in what I'm doing so that motivates me. Fixing and flipping can be challenging and there are many highs and lows, but sticking with it is most important. Strap yourself in and enjoy the ride!
Nice! I am around there every time I visit St. Louis, which is almost weekly.
@Zach Stillman for sure. Beatiful neighborhood . Hopefully I can find another project in that area once this one is complete!
@Bennie Williams congrats on this investment! Looking forward to hearing more from you about the progress on this project.
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