Updated about 2 years ago on . Most recent reply
Most recent flip in MS
Investment Info:
Single-family residence fix & flip investment in Pearl.
Purchase price: $126,500
Cash invested: $19,495
Sale price: $187,500
This was a good house that just needed to be updated. We updated a few things, removed some eye sores, and made needed mechanical and electrical repairs. Add a few new appliances and a lovely young couple got a pretty good starter home for their family!
What made you interested in investing in this type of deal?
The opportunity to do another flip after a number of years without one that was a pretty light rehab.
How did you find this deal and how did you negotiate it?
We found it through a wholesale company on Facebook. We negotiated with the wholesale company and were pretty firm on our terms.
How did you finance this deal?
We financed this deal with a private loan from a family member.
How did you add value to the deal?
We updated the flooring and kitchen. We added new appliances, removed some old falling down fence, and completed small mechanical repairs that brought peace of mind to the buyers.
What was the outcome?
We sold the house for a little under asking price in about 2 weeks. We netted on the higher side of our projections. And we have a great since of pride in having successfully renovated and sold a property.
Lessons learned? Challenges?
Vet your contractor. We had a rough go with our first contractor. That experience did teach me to trust my gut, question when things seem a little off, and when enough is enough, end things.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am an agent. That was helpful in properly comping the house on the front it.
