Updated about 3 years ago on . Most recent reply
1920s Bungalo remodel
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $192,500
Cash invested: $100,000
Sale price: $375,000
Gut job of a 1920s bungalow in downtown Durham
What made you interested in investing in this type of deal?
Again just wanting to learn as an agent and investor!
How did you find this deal and how did you negotiate it?
We had the house next door and I left a note for these folks. They called me and said they were about to sell it but we could make an offer before they listed it.
How did you finance this deal?
Hard money
How did you add value to the deal?
As the agent and partner I found the deal and was hands on in the design as the other owners were out of state
What was the outcome?
This was very hard. We made a little on it but there were many unforeseens. You can see in one picture that an entire wall was not framed at all. This was almost catastrophic!
Lessons learned? Challenges?
Be wary of old additions. As I mentioned before, this thing had a wall that was not framed and was literally held up by just the sheetrock. I will forever be skeptical of decades old additions as a result.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I was the agent. I would not recommend the hard money lender and I am happy to answer questions about them privately.
