Fix & Flip Investment

[Dylan Blair]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $115,000
Cash invested: $30,000
Sale price: $249,000

I bought this house with the intention to flip and sell in a couple years but ended up taking almost 5 years. I never hired any professional help. Me and my buddies did all the remodeling. Took way too long but eventually paid off.

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

Prime location with lots of potential. The owner was looking to get rid of this property, he was ready to move on. It was a rough house but nothing I couldn’t fix.

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

Searching thru multiple homes for my young family. This was our first home. Did all the searching through Zillow. After touring a few houses we decided on this one.

How did you finance this deal?

FHA loan. I had decent credit only through a credit card plus it was my first time borrowing and the interest rates were historically low, it was a perfect time to borrow.

How did you add value to the deal?

We (me and a couple friends) remodeled every square inch of this property. It started as a 3 bed 1 3/4 bath and ended 4 bed 2 1/2 bath with an inground pool, privacy fenced in backyard, screened in patio, new floors and freshly painted walls throughout. Too much to list on here.

What was the outcome?

The outcome was a beautiful home ready for a family in the heart of Glencoe. 1 min drive to school and downtown.

Lessons learned? Challenges?

Don’t bite off more than you can chew. I had no idea what I was doing. I had some prior experience in general handyman work (I come from a generational blue collar family) but to this extent I was not prepared. To be honest it cost a lot of extra money outside of the mortgage & bills plus a whole lot of will power to push through those years. “What you see is only about 20% of what it takes.” - my dad.. and he was right.