Updated almost 5 years ago on .
Hephzibah GA house flip
Investment Info:
Single-family residence fix & flip investment in Hephzibah.
Purchase price: $35,000
Cash invested: $65,000
3 bedroom 2 bath 1500sqft 2.3 acre lot backed up to a small creek
What made you interested in investing in this type of deal?
I am from Daytona Beach FL and I had a job opportunity in Waynesboro GA. I wanted to buy a house to rehab while living in it with the intention to sell or pull out the equity after the rehab is finished.
How did you find this deal and how did you negotiate it?
My wife found it on realtor.com and nobody wanted anything to do with it because of how bad of shape it was in. They were asking 59k and after looking at it I offered 30k thinking that I was offering way to low and they countered back at 35k so I bought it at that price.
How did you finance this deal?
I got a personal loan from a family member
How did you add value to the deal?
I have remodeled everything in the house (windows, doors, bathrooms, kitchen, floors, plumbing, electrical, hvac, siding, landscaping) and turned it into an open concept
What was the outcome?
I am still working on it and it will be done and going on the market within the next month or so
Lessons learned? Challenges?
I learned that I can not do all of the work by myself (I am now working on building a team). I have also learned that I want to invest in rental properties instead of flips. One of the biggest challenges was the way I went about remodeling took me way longer than I thought it would. The price of building material spike hurt my budget on the property.