Recent Flip in Roanoke, VA
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $78,000
Cash invested: $50,000
Sale price: $160,000
SFR, 4square, started off minor but turned into major rehab, 3/1, plumbing, electric, drywall, kitchen, bathroom. Missed our target timeline and also got caught by a slight slowdown in the market. Sold for 20k less than we wanted. Lesson: Watch your contractors like a hawk (knew that but still), get receipts, don't over invest, get it done more quickly next time.
What made you interested in investing in this type of deal?
Love the 4-square style, home needed to be brought back for the neighborhoos
How did you find this deal and how did you negotiate it?
Wholesaler came to me - negotiated - but if anyone is reading this - wholesalers, please be careful what and how you phrase offers out to buyers. Don't be unethcial and mislead someone into thinking they are in a bidding war when they aren't.
How did you finance this deal?
Network.
How did you add value to the deal?
Complete rehab. GC
What was the outcome?
Positive ROI / returned what had been a derelict home just sitting - to one that the neighbors are proud of.
Lessons learned? Challenges?
Get proof from wholesaler that there is another offer that you're competing against. We're too small of a network - we can figure out if someone is telling the truth or not; usually.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
no