Most recent fix and flip in Beckley, WV
Investment Info:
Single-family residence fix & flip investment in Beckley.
Purchase price: $68,000
Cash invested: $74,000
Sale price: $195,000
1960's split level home purchased from estate heirs. Total remodel - updated plumbing, electrical, heating and air. Kitchen and baths were completely gutted.
What made you interested in investing in this type of deal?
It's a well built home with good bones in a desirable neighborhood. Also, the price was great - over 2,000sf for $68,000.
How did you find this deal and how did you negotiate it?
Found out about the deal from a local realtor when original deal fell through.
How did you finance this deal?
Cash
How did you add value to the deal?
Total remodel. Luckily, a lot of the work was cosmetic.
What was the outcome?
Home run. Good experience with the contractor. Took a little longer to close than we would have liked due to purchasers financing through FHA.
Lessons learned? Challenges?
Probably won't accept an offer from an FHA buyer on future flips.
