Updated about 22 hours ago on . Most recent reply
3 bed 1 bath in Portsmouth
Investment Info:
Single-family residence fix & flip investment in Portsmouth.
Purchase price: $105,000
Cash invested: $65,000
Sale price: $230,000
Needed Crawlspace work because of moisture, some floor joist needed replaced. All of the plumbing was replaced due to previous bad repairs, moved water heater from corner of kitchen to outside tankless heater allowing for more cabinet and counter space in kitchen. Updated flooring, bathroom, kitchen, paint, added insulation to attic and replaced all ductwork in crawlspace.
What made you interested in investing in this type of deal?
Breaking into another new market. It was located close to a new casino, and would have been turned into a STR if it did not sell quickly.
How did you find this deal and how did you negotiate it?
MLS. I was able to negotiate down from $125K to $105K due to the condition of the Crawlspace that was discovered during inspection.
How did you finance this deal?
HML and private investor for GAP.
How did you add value to the deal?
Increased size of kitchen by moving water heater to outside allowing for more cabinets and counter space. New bath, flooring, paint.
What was the outcome?
The house took longer to sell than expected and I was just about to take it off the market after over a month had passed with few price reductions and turn it into a STR but I received an acceptable offer before doing so.
Lessons learned? Challenges?
I knew going into this one that it may take a little longer to sell but not as long as it did. This was in an older neighborhood where the houses were investors had just started to begin transforming the neighborhood. I learned that just because your house is fixed up nice and looks great does not mean flood of buyers will pay top dollar when a lot of other houses in the neighborhood need repairs and updating.
