Updated about 4 years ago on . Most recent reply
Easy Greensboro Fix-and-Flip
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $55,000
Cash invested: $15,000
Sale price: $115,000
Straight forward fix and flip. Paint, Drywall, Kitchen and Bath remodel with a bit of exterior work including soffit, fascia, paint, and fixtures.
What made you interested in investing in this type of deal?
Fix-and-flips are great in this market because of the demand. If you can get control of an asset to sell, the demand is there to buy with just a bit of renovations.
How did you find this deal and how did you negotiate it?
I found this deal through talking with another parent at my kids school. He is an investor and just wanted to off-load it easily.
How did you finance this deal?
I used private money from a friend I met here on Bigger Pockets.
How did you add value to the deal?
Remodeled Kitchen, 2 baths, paint, drywall, plumbing updates, and landscaping.
What was the outcome?
Great. I received 7 offers within 3 days and all were over asking price. We closed 3 months out due to a state FHA rule that says you cannot buy a home that has been sold within 90 days. With a strong offer and a strong DD fee we decided to let them close a bit later as would have been necessary for any FHA loan.
Lessons learned? Challenges?
I learned to look at so many different parts of the house I would have overlooked. I also learned how to really manage contractors to ensure the work is being done and done on time.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes absolutely! I strongly recommend Crissy O Connor of Gate City Real Estate, and Ronnie Pegram of Elite Custom Homes and Construction.