Updated over 4 years ago on .
Great Flip in St. Joseph, MO
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $189,000
Cash invested: $85,000
Sale price: $344,000
Single family home in a very established neighborhood that only had 2 legal bedrooms. Added 2 bedrooms and a full bathroom, cut out egress windows, knocked down walls.
What made you interested in investing in this type of deal?
Love the transformation and it was in a great neighborhood.
How did you find this deal and how did you negotiate it?
Buyer's agent brought it to me on the MLS. Offered over asking because we knew it would be a multi-offer situation.
How did you finance this deal?
Commercial loan from a local lender. 12 months, interest only. Used other properties as collateral.
How did you add value to the deal?
Turned from 2 bedroom 2.5 bath to a 4 bedroom, 3 and half bath.
Lessons learned? Challenges?
Don't enter into a contract before the project is over and allow the new buyers to make selections...never again!