First SIngle-Family Flip

[Jonathan Bombaci]

Investment Info:

Single-family residence fix & flip investment in Leominster.

Purchase price: $158,000
Cash invested: $75,000
Sale price: $279,900

Single family flip in Leominster. It was our first, and only single family flip to date. This was acquired as part of a larger commercial package and the property was delivered vacant and in broomswept condition. Per usuals on first flips it took longer and we blew our initial budget however it sold for more money than we anticipated when we purchased the property, so we still made a decent profit.

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

Right price and we saw value as potential keeping it as a rental due to the detached 3 car garage.

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

MLS

How did you finance this deal?

Commercial financing at 80% LTV and then paid for renovations on our own.

How did you add value to the deal?

New kitchen and bath. Lots of paint and then refinished or put in new floors

What was the outcome?

A conservative $45,000 profit after accounting for closing costs which we feel pretty good about for our first flip

Lessons learned? Challenges?

Property was on a busy road and I think the detached 3 car garage actually turned off a few buyers which wasn’t expected.

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

Yes my team of 27+ investor focused real estate agents, Phoenix development group, Jeanne D’ARC credit union, and Doug Mercurio our attorney in North Reading.
You’re only as strong as your team and we have a strong investor focused team!