Updated about 7 years ago on . Most recent reply
Pinson AL Fix & Flip
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. We completely renovated this property and flipped it.
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.
- Maura McGraw