My first (intentional) single family fix and flip

[Amanda Harding]

Investment Info:

Single-family residence fix & flip investment in East Greenwich.

Purchase price: $195,000
Cash invested: $70,000
Sale price: $365,000

I typically look for small multifamily properties that need rehab for buy and hold, but my realtor showed me this property and the location was amazing and I thought the work would be manageable so I threw and offer at it. Turns out it was a good offer! I was accepted (out of 23 other offers) the next day.

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

The location of this property was in a desirable, well kept neighborhood, by a nice park, close to downtown East Greenwich and the ocean. It had good bones and a big yard and the house was a manageable size.

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

Foreclosure brought to me by my realtor

How did you finance this deal?

I worked with a private money lender

How did you add value to the deal?

I did an 80% gut of the interior, 70% new electrical, 50% new plumbing, new HVAC, new septic, new roof, landscaping and an exterior facelift.

What was the outcome?

I had multiple competitive offers that were well over asking

Lessons learned? Challenges?

Doing all of the finish work myself was a great experience (and created great social media content) but it took me longer than it would've taken a team of people and likely costed about the same for that reason. Time = money. Especially at 12% interest!