Updated about 1 month ago on . Most recent reply
Chester Flip Project, my first fix and flip
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $465,000
Cash invested: $200,000
Sale price: $850,000
This was a fun one for sure! An old miner's home right in downtown Chester. We took the risk of doing this house up with high end finishes. More than happy with the way this project turned out!
What made you interested in investing in this type of deal?
I found it off market and I knew in the area the home would sell fast.
How did you find this deal and how did you negotiate it?
Cold calling was how I found the deal. Then I simply asked the seller what they needed. The seller had some very specific needs, and we were able to help with them along the way. With mutual trust and a solid foundation, the seller never entertained any other offers.
How did you add value to the deal?
Full gut rehab
What was the outcome?
100K profit
Lessons learned? Challenges?
Take calculated risks when the opportunity presents itself. There weren’t many comparable homes in the area to guide our decisions, but we understood the clientele and the type of buyers the neighborhood attracts. With that in mind, we chose to go bold with high-end finishes. At the same time, we were careful to preserve the home’s original character while thoughtfully modernizing it with clean, stylish updates.