Updated 1 day ago on . Most recent reply
Hoarder Flip In VB.
Investment Info:
Single-family residence fix & flip investment in Virginia Beach.
Purchase price: $182,500
Cash invested: $75,000
Sale price: $345,000
This was an inherited house that a hoarder owned and family did not want to deal with it, 4 twenty yard dumpsters were used to clean out 1200 sqft. The garage was mostly converted into a 3 bedroom, added a full bath and converted the existing bath into the primary’s bath. Permitting delayed project by 4 weeks but once it was complete we received multiple full price offers within 4 days of being on market.
What made you interested in investing in this type of deal?
It was my first house in a new market that I wanted to break into.
How did you find this deal and how did you negotiate it?
MLS.
How did you finance this deal?
HML and private investor for GAP.
How did you add value to the deal?
Added sqft by converting attached garage into 3rd bedroom, adding a full bath, removed walls to create open floor plan, new roof, added pantry area, new flooring, paint and doors.
Lessons learned? Challenges?
The biggest challenge was with permitting. My original scope of work changed several times due to permitting constraints. Permitting took over 4 weeks to get issued and there was a definite learning curve to adjust to from other markets I was involved in.
