Updated about 1 month ago on . Most recent reply
First Investment Property
Investment Info:
Single-family residence fix & flip investment.
Sale price: $630,000
This was a sherriff's sale property. Had to give the owners time to get out of the house and then proceeded to gut the entire first floor, blew out the top floor of the cape to expand the bedrooms and add another bath.
The house was a horders house which took 11 30 yard dumpsters to empty plus the landscaping was all overgrown and the inground pool was disgusting and leaking water.
What made you interested in investing in this type of deal?
Great area and with an auction home, got a decent deal on the price.
How did you find this deal and how did you negotiate it?
Someone who wanted to get purchase himself was unable to so he told me about it. No negotiations, had to pay what was owed on the property to satisfy the town/county.
How did you finance this deal?
Cash then HELOC for renovation
How did you add value to the deal?
Gutted the house. Dormered one side of the upstairs and added a full bath, new floors, HVAC (no AC originally), pool liner, landscaping, bathrooms, kitchen, flooring, roof, windows, siding, water heater, lighting, garage door, 200 amp service, moved electric service and everything else that went along with the above.
What was the outcome?
SOLD!!!
Lessons learned? Challenges?
Contractors tried to take advantage of me because I am a woman. SAD!! Town officials were tough to work with. Have a full plan in place to help lower costs for bulk purchasing. Having people show up when they said they would and do good work.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I was the real estate agent so most definitely yes!