Hamilton Ohio Buy and Hold turned into Fix and Flip

[James Back]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $50,000
Cash invested: $10,000
Sale price: $84,900

2 bed 1 bath single family home with existing tenants rented at $650/month. Market rent is $750. Inherited tenants moved out, and we decided to capitalize on the hot market, sell the property, and invest in a better area. $10k rehab, and $84,900 sales price.

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

This was purchased in November 2020. It wasn't in the area we wanted to invest in, but it was one of the only deals that would instantly cashflow at the time so we jumped on it.

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

A friend that works for a broker/wholesaler brought it to us. There was no negotiation, they wanted 50k and wouldnt budge.

How did you finance this deal?

Convential loan, 20% down. We took the down payment from a Heloc on our primary residence.

How did you add value to the deal?

After the inherited tenants moved out we hired a contractor to paint, fix small items, and lay new floor.

What was the outcome?

Sold the house for $84,900

Lessons learned? Challenges?

Always change with the market, we initially bought as a buy and hold, but with the market so hot we capitalized on it and sold for a profit. We will take the profit and invest in a better area.

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

Burnett Group located in Cincinnati Ohio