A diamond in the rough!

[Henry Clements]

Investment Info:

Single-family residence fix & flip investment in Boynton Beach.

Purchase price: $120,000
Cash invested: $160,000
Sale price: $270,000

This 2-bed, 2-bath turnkey unit is a waterfront property. It is a beautifully rehabbed home with tall wood cabinets and granite countertops, from inside new impact windows and doors and newly renovated bathrooms with all new LVP flooring throughout to the outside lush landscaping with lighting and the irrigation system to sustain it.

What made you interested in investing in this type of deal?

A true diamond in the rough! A structurally sound house with an almost new roof, always a home run for me. Especially when it is the worst looking house in a beautiful gated neighborhood!

How did you find this deal and how did you negotiate it?

To approach others with one's ideas for making a profit and having it accepted is a blessing; to be sought out by others as one that can make a profit is divine. I was approached, and I agreed on a sharing profit.

How did you finance this deal?

Through networking and presenting rehab plans to an investor, I successfully forecast a low- budget cost to a worthy project.

How did you add value to the deal?

After the transformation was completed and put on the market, it sold above the list price!

What was the outcome?

COVID19 has contributed to its delay; however, homebuyers experienced a low inventory in this market. Thus inflating prices moved faster than time went by and so prolonging rehabbing was rewarded with a 15% higher figure than originally projected.

Lessons learned? Challenges?

The biggest takeaway for me on this one is how ridiculous HOAs can be for rehab investors regardless of the beauty they bring.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I will post my listing agent soon. This property went into contract within the week; postponement did occur because of the higher offers that continued to surface.