Waldoboro Maine flip done and on the market!
Investment Info:
Single-family residence fix & flip investment in Waldoboro.
Purchase price: $52,500
Cash invested: $27,500
Our most recent investment is this fix and flip. It comes from a family member that is retiring which also sold us other properties.
We’ll have $27,500 into it, a private investor will match that and the seller is financing $22,500 with 4% interest all due when the house sells.
UPDATE: The house is all done and on the market for $149,000
https://www.zillow.com/homes/for_sale/84989696_zpid/globalrelevanceex_sort/44.090221,-69.360616,44.07382,-69.389927_rect/14_zm/1_rs/
What made you interested in investing in this type of deal?
We were approached by a family member of whom we had purchased another property from. He offered us a good deal and seller financing so we jumped on it.
How did you finance this deal?
Seller financed half of it, I paid cash for the other half and a friend put up the rehab budget for a 10% return. That return is on his investment, not APR. Since the project finished in less than a year, and should sell still under that year, the APR is much higher.
How did you add value to the deal?
We had a $25,000 rehab budget. We redid the foundation, cleaned up the first floor, redid the bathroom, new kitchen floor and completely redid the 2nd floor where 2 bedrooms are.
What was the outcome?
The house is now for sale.
Lessons learned? Challenges?
My draws to the contractor were not specific enough and jobs didn't get done as fast as I think they would have if those draws were very specific.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes! Jessica Pooley helped us out when buying the place even though she wasn't involved in that part financially. My family member and I only used a lawyer for the sale. She gave me the ARV and a detailed list of things we needed to fix or improve on in order to sell it. She is now the listing agent and we're working with her to buy another place as well.
Most Popular Reply
Well done, @Bryan Carleton! There's a meetup in Topsham that would be a good chance for you to tell your story and meet other real estate investors. You can reach out to me, @Mike Roy, or @Brian Mitchell for more details.