House Flip #1

[Jackie Murray]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $218,000
Cash invested: $110,000
Sale price: $395,000

Independently sourced, funded, designed, budgeted, project managed, listed. Sold above target price after a refi and 1 year rented. Rated 5 stars on Air BNB by 15 reviews.

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

I trained myself through work experience as an employee of architects and builders to prepare for these projects.

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

This was an MLS listing needing major work located in a popular area walkable to downtown Towson.

How did you finance this deal?

Hard Money with my own cash down.

How did you add value to the deal?

Opened up the floor plan, relocated stairway, finished the bonus upstairs room, added all new HVAC, plumbing, electric. Added 1 new bath. Remodeled bathroom and kitchen with new pantry. All new windows. Rebuilt front brick stairs. Added curb appeal with new front and back decking, wood railings, stained and painted, new soffits & gutters, simple landscaping.

What was the outcome?

Made about $30k

Lessons learned? Challenges?

Definitely a few lessons. Mostly concerning contractors and my availability to project manage.

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

Yes made a few great additions to my team.

[Nina Diehl]

@Jackie Murray would you feel comfortable sharing how you found the deal?  Was it in Baltimore?  Sounds like you really did your homework and it paid off.