Virginia Beach Fix and Flip

[Jacob Sloop]

Investment Info:

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

Purchase price: $225,000
Sale price: $334,000

Contributors:
Sean Rooks

3/2 1374sqft ranch in Virginia Beach, VA House suffered from years of neglect but in generally good shape.
We did a full cosmetic rehab, including new roof and HVAC.
Close to close in 65 days!

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

Earning cash to purchase rental properties

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

MLS

How did you finance this deal?

Hard Money for Purchase amount and Cash for rehab

How did you add value to the deal?

New roof, New HVAC TONS of landscape removal, 3 30yd dumpsters worth...
Opened up pass through and walls in kitchen. New appliances, cabinets and quartz countertops
New everything cosmetic, bathrooms fully gutted and redone with updated finishes

What was the outcome?

Home sold in 3 days 20k over asking

Lessons learned? Challenges?

Coordinating contractors in most logical and efficient order.

Challenges were dealing with unknowns and out of touch appraisers