Updated almost 2 years ago on . Most recent reply
My 4th House Fix and Flip
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $234,000
Cash invested: $98,000
Sale price: $380,000
This older house and the owner was a Hoarder, both cats and material junk. removed Five (5), 40 yard dumpsters of junk. New roof, solar lease company to remove the solar system, then replace it. New AC, Insulation vacuumed out and replaced. remodeled the bathrooms, new tiled shower surrounds and fixtures, . The kitchen gutted and redesigned and rebuilt ground up. New paint inside and out.
What made you interested in investing in this type of deal?
Fix and Flip is Ideal for me as a "Part-Time" cheap laborer, for some the small and messy deals maybe outside of there target zone. I made more on two flips in a year than at my Full Time CORPORATE Job.
How did you find this deal and how did you negotiate it?
I have been slowly developing a relationship with several wholesalers, several repair people and a young and ambitious Real Estate Agent for the sales end. Negotiating the deal has been a learning experience most deals are as-is.
How did you finance this deal?
I have a good standing record with a hard money lender.
How did you add value to the deal?
My wife and I add value by eliminating the obvious problems, the need of clean-up, repairs and updates. We organize and manage the project with a good moral compass to guide us. We always ask ourselves, "What would we want if this was something we wanted to buy and live in?"
What was the outcome?
So far we have flipped:
A 3/2 Rural Manufactured Home on an Acre of horse land.
Two (2) parcels in a manufactured home area, acquired through tax deeds and sold on open market with owner financing.
A 2/2 condo acquired from the Forclosure action on the courthouse steps.
A senior community 1/1 condo from a wholesaler.
A senior community 3/2 SFR also form a wholesaler.
All have proven to be profitable.
Lessons learned? Challenges?
Stop trying to be the handyman, hire the tradesman get the work done quickly and done right.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Each investors experience could be different, that being said Capital Fund One is a great pairing for me.
