Successful Flip in West Chester, PA
Investment Info:
Single-family residence fix & flip investment in West Chester.
Purchase price: $455,000
Cash invested: $90,000
Sale price: $840,000
Flipping a single-family house in my neighborhood. Was an off market deal from a letter I sent. Got a higher than expected a $840k+ outsale with about a 10 week renovation. Mostly cosmetic, but some mechanicals and windows. I have videos of it availabe on my YouTube Channel : The Rob Lawrence Team
What made you interested in investing in this type of deal?
I have done other projects in the area and I know it really well. I thought I could make about 100k.
How did you find this deal and how did you negotiate it?
I found this deal through sending letters around my neighborhood as a realtor and it turned out one of my neighbors had a distressed house they wanted to sell for cash quickly.
How did you finance this deal?
I financed this deal using a hard money loan. I financed 90% of the purchase and 100% of the rehab on a draw schedule.
How did you add value to the deal?
We did approximately a 90K renovation to the house, including:
- new floors
- new kitchens
- new baths
- new plumbing
- new electric
What was the outcome?
We made multiple six figures on this one and it was our best flip ever. Really happy with how it came out.
Lessons learned? Challenges?
The main challenge is finding another one like this.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I was my own realtor on the deal but I do help other investors make investments in the Philadelphia suburbs. I used District Capital on this particular hard money loan and they've done a good job for me on a number of projects.
- Rob Lawrence