First Single Family Fix and Flip
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $30,000
Cash invested: $40,000
This property is a 4bed/1bath single family house with a little over 1,100 square feet. I purchased this property off market for $30,000 and gave it a complete overhaul. Some of the main improvements include: leveling the floors, tearing out the lath and plaster, new electrical & PEX plumbing, new siding, new roof, all new heating and air, new cabinets, new shower, new windows, replaced the flooring, and new doors. This project was probably a little more than I should've taken on for my first rehab (especially since I did most of the work myself) but it has taught me a lot about what all goes into it and the costs associated. In the future I will definitely outsource more of the work but overall I am very happy with how it turned out! PP: $30k rehab: $40k ARV:$105-$110
What made you interested in investing in this type of deal?
I wanted to get experience with the reno process so I can start BRRRRing properties in the future
How did you find this deal and how did you negotiate it?
Driving for dollars
How did you finance this deal?
I purchased it with a line of credit from the bank and paid for the rehab out of pocket
How did you add value to the deal?
Complete remodle
Lessons learned? Challenges?
I learned so much from this deal but one of the major lessons was that in order to scale quickly I have to outsource more of the rehab