Foothills Flip. Single family turned into duplex in Anchorage, AK

3 Replies

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $132,000
Cash invested: $28,000
Sale price: $360,000

We got this place it was full of trash, we cleaned it did a very minior remod. sold it.

What made you interested in investing in this type of deal?

It was cheap on the front. we knew if we cleaned it out we could sell it for profit right then.

How did you find this deal and how did you negotiate it?

Someone called me and offered it.

How did you finance this deal?

Own Cash.

How did you add value to the deal?

Cleaned up the property and created a livable space.

What was the outcome?

The market was slow and because we did very little work it took awhile to sell.

Lessons learned? Challenges?

Dont cheap out on a flip. it will cost more on the hold time.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

no

No but someone could make it a duplex Easily, We didn't bother with it because at that time I was having a lot of troubles with the city over Permits or the lack of on other projects. 

I had to pull a permit to install the outlets in that house, then I couldn't get it closed out because they don't have an electrical inspection for that. eventually it worked out. Wasted a lot of time and about $1200. in actual cash.

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