Updated almost 4 years ago on . Most recent reply
Walsh SFH, 4BD/3BA Flip Project in St. Louis, MO
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $183,400
Converting historic duplex to single-family home w/ 4 BD, 3 BA. Remodeling kitchen, bathrooms & flooring. Updated electrical, HVAC, plumbing & water service. Add rear entry w/ back decking/stairs. Goal is for rehab to be complete by end of Feb/early March to put on market.
What made you interested in investing in this type of deal?
Close proximity to my personal home in a desirable neighborhood w/ supply shortage.
How did you find this deal and how did you negotiate it?
Thru a local wholesaler.
How did you finance this deal?
Personal cash & HELOC.
How did you add value to the deal?
Acting as GC/project manager, listing agent & grunt laborer. Added 2 bedrooms including master suite w/ 3rd bathroom.
What was the outcome?
TBD.
Lessons learned? Challenges?
Beware of old knob & tub wiring along w/ galvanized piping/ductwork. Very tedious demo & repair work when dealing w/ plaster walls. Check water service update w/ City of St. Louis. Always get 3 bids from contractors.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
KW Saint Louis.
