Updated almost 5 years ago on . Most recent reply
Paint, Flooring, and "Shiplap" = Easy Flip w/ Great Return
Investment Info:
Single-family residence fix & flip investment in Augusta.
Purchase price: $128,000
Cash invested: $10,000
Sale price: $169,000
This house would've been a two week turnaround, but I was in my second semester of nursing school and couldn't give it attention at the time. It was 2-3 weeks before I hired the first crew to go in and then I had to wait another 3-4 weeks for the new crew I would hire to be able to get started.
What made you interested in investing in this type of deal?
I saw the listing agent had it drastically undervalued and knew I could relist on MLS immediately As-Is and probably net $10-$15k.
How did you find this deal and how did you negotiate it?
MLS, offered all cash quick close
How did you finance this deal?
Cash
How did you add value to the deal?
Complete interior/exterior paint, Flooring, pressure washed/freshly stained deck, Upgraded the bathrooms and laundry to "farmhouse style." Swapped out "boob lights" in every room for ceiling fans.
What was the outcome?
A great return!
Lessons learned? Challenges?
Hire the right crew the first time, even if they're going to cost you a couple grand more.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I represented myself, Manuel Castillo, as an agent.
Most Popular Reply
Despite the snafu with the first crew, this looks like a pretty awesome (and fast) result. Congrats!