Ivy house on Coal Creek that was a fix and flip
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $115,000
Cash invested: $100,000
Sale price: $330,000
This was a 3 bedroom 1 bath house that had been neglected for many years. We added a new bathroom and replaced just about everything in the house.
What made you interested in investing in this type of deal?
This was a very nice 1 acre property with a creek running through the property.
How did you find this deal and how did you negotiate it?
Purchased this deal through a wholesaler. Offered the exact amount he got it under contract for. I eventually added 5K to my offer so he could make some profit also.
How did you finance this deal?
Financed the deal with 100K of private money, and paid the rest myself.
How did you add value to the deal?
Replaced just about everything, created a bigger kitchen and added a bathroom. Cleaned up the landscape and added some bark chip trails.
What was the outcome?
Very nice house with lots of offers. Ended up accepting an offer 30k above asking price.
Lessons learned? Challenges?
Don't buy a house that has lots of overgrown English Ivy. The landscape will take forever if you do it correctly.
