4770 Elfreth Johnson, Pinson AL Flip

[Maura McGraw]

Investment Info:

fix & flip investment in Pinson.

Purchase price: $58,000
Cash invested: $30,000
Sale price: $129,999

4770 Elfreth Johnson Road, Birmingham AL is a single family home that contains 1,080 sq ft and was originally built in 1974. It contains 3 (soon to be 4) bedrooms and 2 bathrooms and is located on .34 acres.  The house is completely renovated and updated. The property has a new additional 4th bedroom in the newly-finished basement, new HVAC, up-to-date electrical, new LVT flooring throughout, new bathrooms, a new modern kitchen with granite countertops, new paint throughout, and new landscaping.  

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

This house is in a good area near many good employers. I knew that if I could get it for a good price, I would be able to rent and/or sell it.

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

I found this deal through a wholesaler who I know personally and who I have worked with before.

How did you finance this deal?

Line of Credit

How did you add value to the deal?

We did a full renovation and added a bonus room in the basement

What was the outcome?

Overall, this was a great investment. We rented the property out and sold it to an out-of state investor.

Lessons learned? Challenges?

We had a few challenges with the project. The main challenge is that I had the property under contract TWICE with buyers who had catastrophic personal issues come up (major car accident and surgery). These issues prolonged our exit timeline.