House went from destroyed to bright and beautiful
Investment Info:
Single-family residence fix & flip investment in Ferndale.
Purchase price: $90,000
Cash invested: $68,000
Sale price: $230,000
Complete train wreck of a house, but beautiful bones, city of strong growth.
Loved working on this one!
What made you interested in investing in this type of deal?
The worse it is the more I like the challenge and the more room for ROI
How did you find this deal and how did you negotiate it?
Realtor brought it to me, knew I would love the house and make a good return.
How did you finance this deal?
Cash for house, cash for repairs.
How did you add value to the deal?
Updated by converting fourth bedroom to a dining room. Previously was only an eat in kitchen. The house was so big, it just made sense to make it livable for a family which to me means dining together in a nice space. Put a barn door on entrance to laundry room from kitchen. Improves the kitchen experience and who doesn't love a barn door?
What was the outcome?
Great ROI. Fun project. Trouble with contractor. Can't expect everything to go right!
Lessons learned? Challenges?
I would never hire a construction crew that is a "real" construction company for a project so big. He did a great job on the flip before it, but it was half the size. I think this project was beyond what they could manage.