Being physically involved in my remodel changed my life

[Kara Beckmann]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $310,000
Cash invested: $58,873
Sale price: $413,000

This was the remodel that changed my life completely. I chose to be a part of every step of the construction and rehab of this project.... while still working my 40 hour a week "day job". I hired sub contractors for this entire project and paid them to teach me how to do every step.

What made you interested in investing in this type of deal?

I was interested in this deal because it was very close to my last fix & flip and I was hoping to use my high comp (highest in the neighborhood) for the sale of this house as well.

How did you find this deal and how did you negotiate it?

I found this deal on the MLS, put in a low ball offer and they accepted!

How did you finance this deal?

This was the last house I was able to finance with a traditional mortgage for an investment property before quitting my "day job".

How did you add value to the deal?

This was a complete remodel. I added value to the deal by removing a wall and raising the ceiling in the kitchen to really open it up to the great room. Installed brand new soft-close cabinetry throughout, Quartz countertops, new can lights, new flooring, new doors, baseboard and trim, new lighting and plumbing fixtures and tile surrounds in the bathroom. Really there wasn't much that wasn't replaced. I even had to pool re-plastered and painted the deck.

What was the outcome?

This one sold fast! This sold in 4 day.

Lessons learned? Challenges?

I learned A LOT with this one. I chose to hire all subcontractors and paid them to teach me how to do the majority of the work. I learned how to demo walls, remove popcorn ceilings, tile, baseboards, etc. I cut insulation, painted the entire house, and even how to wire can lights. I would work at the job-site and then rush home to change to make it to my day job. This project took twice and long and cost a lot. I made my lowest profit and the lessons that I learned were worth it all!

[Kara Beckmann]

@Brian Ellis Congrats to you too! It is really hard to understand the stress level of have a full time job while working full time at your flip before and after work unless you've been there and done it. I agree, it was well worth it!