Center Point Quick Flip

[Maura McGraw]

Investment Info:

Single-family residence fix & flip investment in Birmingham.

Purchase price: $58,000
Cash invested: $2,200
Sale price: $80,000

208 Meadowdale Ave, Birmingham AL is a single family home that contains 784 sq ft and was originally built in 1955. It contains 2 bedrooms and 1 bathroom and is located on a 10,000 sq ft lot. The house was completely renovated in 2019. The property has a new roof, up to date electrical, is newly painted, has new LVT flooring throughout, a new modern bathroom, and a new modern kitchen with granite countertops, new cabinets, and stainless steel appliances.

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

This project is in an area that we had done projects in before and had success. It was also an opportunity to do a very quick flip.

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

We bought this property from another developer who could not completely finish the rennovation. The other developer had done about 85% of the work, so we just finished the project and sold it relatively quickly.

How did you finance this deal?

Our line of credit.

How did you add value to the deal?

We added the finishing touches to a flip.

What was the outcome?

We sold the project to an out-of-state investor.

Lessons learned? Challenges?

This was one of our easier projects and luckily (for once) there were not a ton of challenges. One interesting this is that the buyer funded her purchase with her IRA, which I thought was cool.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Mark Byers, our Property Manager.