Updated 1 day ago on .
First fix and flip done in new market
Investment Info:
Single-family residence fix & flip investment in Enfield.
Purchase price: $50,000
Cash invested: $80,000
Sale price: $170,000
3 bed 1.5 bath, 1440 SF, .42 acre, city water/sewer.
What made you interested in investing in this type of deal?
I was interested in this deal because it had a decent layout, 1.5 bathrooms, good square footage, good price point for me and the ARV was great for first time home buyers.
How did you find this deal and how did you negotiate it?
Found this deal on Investorlift. I negotiated the price down by almost 30k by providing the scope of work.
How did you finance this deal?
Paid cash for the house and financed the rehab.
How did you add value to the deal?
The entire house was rehabbed. New plumbing, new HVAC, new wndows and doors, new kitchen and bathrooms, new water heater, new flooring, paint interior and exterior, screened porch remodeled.
What was the outcome?
The outcome was great except for going over budget. I initially planned for $60k in repairs and it ended being $80k
Lessons learned? Challenges?
Learned to factor in 10-15% more for repairs. You will come across something you didn't see in your initial walkthrough. Inspect for underground oil tank, we had one on our property and the removal was $8k but that can go upwards to 15k+. Biggest challenge had nothing to do with the property, it was the dumpster rentals. We had to rent 4 dumpsters at $500 each time and every dumpster someone illegally dumped filling half way. We will now set up security cameras.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I was the agent in this transaction, I would like to connect with other investors in my market. I used Mike Agins for my lending and highly recommend.