Updated almost 6 years ago on . Most recent reply
Newer Home = Quick Flip
Investment Info:
Single-family residence fix & flip investment in Norfolk.
Purchase price: $94,900
Cash invested: $35,125
Sale price: $180,000
This was a newer house that just needed cosmetic work. We widened the kitchen entrance, added a see-through for the dark staircase to add more natural light, put in new floors, kitchen, and bath. A pretty straight-forward project.
What made you interested in investing in this type of deal?
It was a newer home that needed only minor cosmetic fixing.
How did you find this deal and how did you negotiate it?
This was a deal on HUD.
How did you finance this deal?
Cash through our line of credit.
How did you add value to the deal?
We added new floors, paint, kitchen, bath, and opened up some walls to give more natural light to the stairs and kitchen.
What was the outcome?
Fast rehab. Fast sale.
Lessons learned? Challenges?
The rehab and sale occurred during the winter months. By the time the buyer's moved in the Spring, with warmer weather, they had issues with the A/C. Fortunately, we provided a home warranty with the sale.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am a licensed real estate agent in the Hampton Roads area.
