duplex into a single family flip

[Keri Aiken]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $20,000
Cash invested: $50,000
Sale price: $95,000

Purchased with family with the intent to make it a nice duplex and rent it out. We ended up going way over budget and turning it into a single family residence and selling at very little profit due to loss in labor.

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

20k purchase price and a decent up and coming neighborhood

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

auction we bid

How did you finance this deal?

cash our money

How did you add value to the deal?

completely gutted and redone

What was the outcome?

great product but very little profit for the work that was put into it.

Lessons learned? Challenges?

let people to make decision the better and constantly keep budget v rent/sell. For all decisions and changes made the exit strategy needs to be tested every time!! taking this from a dup to a single family would not allow the rents needed to cover the investment leaving us without the option to hold and rent, like we intended to in this area.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

agent for selling
highly recommended