Updated about 2 months ago on . Most recent reply
Historic Fairmount flip
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $132,000
Cash invested: $135,000
Sale price: $420,000
HIstoric Fairmount remodel project near DT Fort Worth. The project was was a stunning success.
What made you interested in investing in this type of deal?
I love breathing life into old homes, and loved the opportunity to create a beautiful home for the next owner.
How did you find this deal and how did you negotiate it?
I had been pursuing the owner for several years about buying, and during Covid he decided to finally let it go!
How did you finance this deal?
ALL CASH
How did you add value to the deal?
I preserved the character of the property, but added modern "new home finishes" that appealed to more buyers in this area.
What was the outcome?
The outcome was a success! We had to hold the property for 1 year while on lockdown, but overall it was brilliant.
Lessons learned? Challenges?
Lesson 1- Be patient for an offer. We accepted an offer that was lower than we had hoped to get, and received an offer $40k higher the next day. I let my anxiety take over, and missed out on lots of money.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am a Broker, so I listed the home myself. Additionally, I mapped out all of the design choices and was the project manager. I worked with a fabulous Buyer's Agent during the sale.
