House in the country
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $99,000
Cash invested: $15,000
Sale price: $174,900
This cute ranch needed cleaned up and updated. It was mostly cosmetic, and included kitchen, bathrooms, flooring, paint and some exterior.
What made you interested in investing in this type of deal?
This house had a ton of potential with it's beautiful setting.
How did you find this deal and how did you negotiate it?
The owner of this home came to me and asked if I could help.
How did you finance this deal?
This was an owner-financed deal with profit splitting.
How did you add value to the deal?
With my design background, I was able to make the most of each space for the type of buyer who would be looking for a home in this area. I also had access to purchasing finishes at a discount with my interior design business, which helped with the overall budget.
What was the outcome?
In the beginning, the owner had only hoped to make and extra $5-$10K. In the end, we took the chance at listing it quite a bit higher than planned and it sold overnight in a not-so-hot market.
Lessons learned? Challenges?
It was an eye-opener for me that I should be doing more of these, and this owner also became a future investor with me.
