Updated over 6 years ago on . Most recent reply
Single Family Flip in Toledo, OH
Investment Info:
Single-family residence fix & flip investment in Toledo.
Purchase price: $37,631
Cash invested: $17,960
Sale price: $80,000
Single family home in West Toledo, OH. 3 BR, 1 bath with full basement and 1 car garage. New floors on main level, new front porch rails and flooring, remodeled kitchen and bath. Fresh paint throughout. Repairs to plumbing, garage, windows.
What made you interested in investing in this type of deal?
The numbers looked good to me.
How did you find this deal and how did you negotiate it?
My partner found the deal, it was a lender short sale.
How did you finance this deal?
We used my cash
How did you add value to the deal?
As a licensed Realtor, I was able to make suggestions regarding what to do/not do to make the home sellable while maintaining our budget.
What was the outcome?
The house was sold after a couple of months on the market.
Lessons learned? Challenges?
This was my first flip, I was glad to come out with a small profit after selling costs. Lesson learned (reminder) is that location is very important. This house is on a residential street, but it's a busier "pass-through" street so it was a little less desirable than some others within a block or two. Also, going forward I will be running the numbers in more detail while assessing the deal to make sure the numbers will work even if there are some unforeseen issues.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Me, of course!
