Updated over 4 years ago on . Most recent reply
Great Flip in Savannah Ga
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $85,000
Cash invested: $45,000
Sale price: $238,000
Awesome little flip project, 1,200 sqft 3/1 we rehabbed and original ARV was $185k but with the crazy market we marketed it at $225k and sold for $238k.
What made you interested in investing in this type of deal?
Great little cosmetic flip in an up and coming area
How did you find this deal and how did you negotiate it?
I bought this property from a local wholesaler
How did you finance this deal?
I used hard money for purchase and rehab with the down payment from a private money lender.
How did you add value to the deal?
We did a new roof, new paint, opened up a wall, redid the kitchen and bathroom, added SOD and a fence, new windows and some minor electrical.
What was the outcome?
This was an excellent little flip, we bought it with tenants in there, then flipped the property when the lease was up. With rising house prices this went from a good deal to and EXCELLENT deal!
Lessons learned? Challenges?
Windows, tile and appliances all took longer due to COVID delays.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Mofin lending did the hardmoney loan and Chelsea Phillips with Six Bricks Realty sold it. Both were EXCELLENT!
