Full Renovation in 5 weeks....Long DOM

[Ross Cornwell]

Investment Info:

Single-family residence fix & flip investment in Midland.

Purchase price: $215,000
Cash invested: $60,000
Sale price: $331,250

Referral home from family I bought first flip from

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

This was a referral home from the same family I bought my first deal from. It had been a family home that was recently inherited and needed a full renovation.

How did you finance this deal?

Hard Money Lender

Lessons learned? Challenges?

The renovation here only took 5 weeks, the fastest we had turned a house. There were a few issues with the home that we could not control that caused longer days on market including very small bedrooms and closet space. This reflected in our sales price. In our initial evaluation there was a land locked parcel included in the sale. We had hoped to create a right of way to sell the back parcel but found out the lot had been illegally created in the 60s.