Updated about 5 years ago on . Most recent reply
Fix and Flip Success! 28% margin $32,717 profit
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $61,950
Cash invested: $61,950
Sale price: $148,100
Fix and Flip Project:
-3 bed/ 2 bath
-Basement
-Purchase Price: $61,950 (Online auction)
-Appraised Value: $124,000
-Rehab Budget: $28, 497(Labor, HVAC, new water heater, paint throughout, new counter tops, appliance package, 2 light bathroom Renos)
-Holding Costs: $1,500.86
-List Price: $145,000
-Outsell: $148,100
-Realtor Fees: $8,886
All In: $115,382
Outsell: $148,100
Total Profit: $32,717
What made you interested in investing in this type of deal?
Great margin!
How did you find this deal and how did you negotiate it?
Foreclosure, submitted lower offer, took around 2 months to get ratified.
How did you finance this deal?
2 Investors funded the entire project. They received a 17.7% IRR on the project
How did you add value to the deal?
Purchase: $61,950
Appraised when we bought: $124,000
$29,000 Rehab
Sold for $148,100
What was the outcome?
28% Margin
$32,717 profit
Great project
Lessons learned? Challenges?
Had to fire 2 contractors
COVID put us 3 weeks behind schedule
LOCATION LOCATION LOCATION
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, Lisa Brown from Highlands Realty out of Clifton Forge, VA. She did great.
- Cassidy Burns
- [email protected]
- 540-960-1507