Looking for Our Next Investment
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $82,000
Cash invested: $137,000
Sale price: $235,000
I am a long time investor (26 years this month) and a licensed real estate agent! My partner and I are always looking for our next project, whether it be a multi fam to buy and hold (something with value add opportunity) or a neglected home that we can fix and flip. If there's a project out there that fits our criteria, we're buying!!!
What made you interested in investing in this type of deal?
I've been buying, selling, renovating, managing, flipping etc for many years. It's my passion and I intend to work in real estate until I can't any longer!
How did you find this deal and how did you negotiate it?
I connected with another investor who was wholesaling it. He had it under contract with the rightful owner and I negotiated the deal so it was win-win
How did you finance this deal?
Many deals we pay all cash for, however, we've been leveraging more over the past year or so. We have hard and private money at our disposal as well as cash, depending on the deal itself
How did you add value to the deal?
The house needed a lot of work: roof, new electric, hvac etc. We specialize in renovations and actually renovated another house on the same street earlier this year
What was the outcome?
We're not completely done with the renovation just yet. When it's done, I will list it for sale on the MLS. I'm also a licensed real estate agent
Lessons learned? Challenges?
In renovations, there are always surprises or changes that need to be made. I don't think we've ever completed a reno and stuck with the original plan. Part of that is me changing my mind on finishes! However, there are usually necessary repairs that we uncover as we're doing the renovation. We always prepare for a contingency for the unknown!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, me!!! Because I've been a real estate investor for 26 years now, I understand the importance of net profits after completing a renovation. I definitely have an edge over other agents because I am an investor first! I also have a lot of knowledge regarding the overall mechanics of a home and know what to look for when determining a renovation budget! I have a great track record for selling properties and would love to earn anyone's business!