Updated over 2 years ago on . Most recent reply
60 years old made new
Investment Info:
Single-family residence fix & flip investment in Wisconsin.
Purchase price: $129,000
Cash invested: $28,000
Sale price: $187,900
Old home with no updates, did a full cosmetic overhaul (new flooring, paint, fixtures), updated plumbing and electrical, completely new kitchen.
What made you interested in investing in this type of deal?
It was a small, well maintained home with the same family for 60 years. It needed a lot of TLC but we could see something beautiful! We envisioned a starter home, and that is exactly who bought it. It made a wonderful first home.
How did you find this deal and how did you negotiate it?
We worked with a good friend who was our realtor. She did an excellent job in listening to our needs and criteria, then found this house. Unfortunately, she moved out of state so I decided to become a realtor myself so I could help ourselves and other investors.
How did you finance this deal?
HELOC with our mortgage lender.
What was the outcome?
Although we didn't make as much as we originally figured because we ran into some plumbing and electrical issues (60 year old issues) that had to be fixed, this was a successful flip. Our lender was very pleased as well so more deals are in the works.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I did, but she is no longer available for WI. I taught her the criteria needed for investing. Now I am a Realtor and ready to help other investors in this area because I get it. I recommend me :). Marisa Voelkel, Realtor, Madison Realty Group.
