Hacking in Upper Marlboro

[Gail Hogg]

Investment Info:

Single-family residence fix & flip investment in Uppr Marlboro.

Purchase price: $145,000
Cash invested: $25,000
Sale price: $221,500

Two story Townhouse/Condo with garage.

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

I wanted the experience

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

I found it on MLS the night it was posted I put in an offer. I spoke with the owner the next morning. I offered full list price but negotiated repairs of $8,500, which actually brought my cost down to $16,500.

How did you finance this deal?

This was a hack, I financed through VA, with very little down and used cash on hand to renovate

How did you add value to the deal?

Basic updating: Laminate flooring throughout, Bathroom and Kitchen tile, new light fixtures and switches, cabinet hardware, new vanities. Change to automatic garage doors, and motion lights outside.

What was the outcome?

The home had multiple offers in the first 2 days on the market.

Lessons learned? Challenges?

Challenges with contractors sticking to schedules. Limits to what you can do in a Condo without board members approval.

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

I am a real estate professional (: