Morgan St Transformation: Major Reno Brings Big Profit in Waynesville!

[Julie Muse]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $60,000
Cash invested: $74,114
Sale price: $160,000

Contributors:
Peter Vekselman

We purchased the Morgan St home on 01/19/2024 for $60,000 and invested $74,114 in renovations. With strategic upgrades, we modernized the property, improving its value significantly. On 10/10/2024, we successfully sold it for $160,000, showcasing another successful flip in partnership with Billy Medlen.

What made you interested in investing in this type of deal?

Partner Driven saw an excellent opportunity in the Morgan St property due to its low purchase price of $60,000 and the potential to add significant value with renovations. The local market in Waynesville showed strong demand for updated homes, making this deal an attractive option for a profitable flip.

How did you find this deal and how did you negotiate it?

This property was brought to our attention through local connections and market research in Waynesville, MO. We negotiated a favorable deal by assessing the needed renovations and offering $60,000 to secure it quickly. The seller was motivated to sell, allowing us to negotiate terms that fit our strategy.

How did you finance this deal?

Partner Driven used a mix of partner capital and strategic financing to acquire the property for $60,000. By leveraging our partnership with Billy Medlen, we secured funds for both the purchase and the $74,114 renovation, ensuring the project was completed without financial strain.

How did you add value to the deal?

We added value to this property by investing $74,114 in extensive renovations. These improvements included updating essential systems, modernizing the interior, and enhancing curb appeal, all of which dramatically increased the home’s market value and buyer appeal.

What was the outcome?

The Morgan St property was a success! After purchasing for $60,000 and investing $74,114 in renovations, we sold it on 10/10/2024 for $160,000. This project highlighted our effective renovation and marketing strategies, yielding a solid return on investment in a competitive market.

Lessons learned? Challenges?

While this project ran smoothly overall, managing a larger renovation budget of $74,114 required careful planning and coordination. One challenge was keeping the renovation timeline on track, but through strong project management, we finished on time and met our sales goals.