Flip gone wrong in Westville
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $150,000
Cash invested: $150,000
Sale price: $317,000
Flip gone wrong.
What made you interested in investing in this type of deal?
Had flipped a few homes in the area prior and turned out great.
How did you find this deal and how did you negotiate it?
Short sale listed on MLS
How did you finance this deal?
Hard money
How did you add value to the deal?
Complete renovation, moving walls, upgrading bathrooms
What was the outcome?
Lost about 40k on the deal
Lessons learned? Challenges?
A messed up retaining wall in the yard can kill all value. We flipped a home directly across the street that was smaller and not as nicely done and ended up having to sell this one at the same price to get out of it. Hindsight, wish we stopped lowering the price and just rented it instead.
😢 live and learn right?
