Updated about 1 year ago on . Most recent reply
Tiny Home Renovation (Old Town Alexandria) 78k profit (378sf)
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $285,000
Cash invested: $40,000
purchase Price $285k
Renovation Cost $40k (on budget)
Renovation Time: 41 days
ARV: $425k
Feature sheet: https://drive.google.com/file/d/1PMMTCmYptc1Jiy14MgAImJyiiEonebQl/view?usp=sharing
Current Rent Long Term in 22302: $1800-$2200/mo
Current Rent Short Term AirBNB in 22302: $2000 - $3000/mo
Current Comparable properties at this price range (are condos with 500-$1100/mo condo fees)
What made you interested in investing in this type of deal?
Unique home, tiny home, full renovation to bring luxury to the tiny home community, location (king st alexandria). First time JV fix and flip
How did you find this deal and how did you negotiate it?
day 1 MLS listing, offered less 1 week closing, they took it. Time and cash sealed the deal
How did you finance this deal?
Cash
How did you add value to the deal?
Project management throughout the process. 99% of the time, buyers press a button to buy, press a button to sell and everything in between is done for them (including taking care of all problems, and selling it in the end)
What was the outcome?
Success, currently active, will update what our final sales price ends up with, fielding calls on the property already.
Lessons learned? Challenges?
If at all possible, never install mini-split, install duct work.
Measure, Measure, Measure. Even then some things don't always fit and you have to come up with a work around.
Hire a separate landscaper to finish it all up for better curb appeal
**all in all was very happy with outcome & quality**
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
myself for real estate & project management, cash for lending, investor friendly title co
