Updated about 6 years ago on . Most recent reply
Live in renovation and sale
Investment Info:
Single-family residence fix & flip investment in Hinesville.
Purchase price: $114,000
Cash invested: $16,000
Sale price: $152,500
This was a live in reno that we completed over 18 months. The property was priced under market value due to a divorce and needed significant updates.
What made you interested in investing in this type of deal?
It was a great value add opportunity that we could acquire and have instant equity in.
How did you find this deal and how did you negotiate it?
Our real estate agent, Trey Swain, helped us find this deal and facilitated the negotiations.
How did you finance this deal?
We used a VA Loan for this deal.
How did you add value to the deal?
We updated all the appliances, renovated a bathroom, added new landscaping, repainted the interior, added new floors and carpet throughout the house, added a paved patio in the backyard, and replaced the A/C unit.
What was the outcome?
We sold the property after living there for about 18 months for about a $18,000 profit after closing.
Lessons learned? Challenges?
It was our first reno and I learned a lot about how to do repairs yourself and when you need to call in a professional. We also learned about estimated the cost of repairs and what materials are available.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Our agent was Trey Swain, based out of Savannah, GA.