Updated over 4 years ago on . Most recent reply
Semi Successful COVID Fix and Flip
Investment Info:
Single-family residence fix & flip investment in Southern Pines.
Purchase price: $63,000
Sale price: $207,000
Our first flip and during the peak of COVID. I even deployed for 6 months during this flip and remotely managed. We hit MULTIPLE road blocks from COVID, contractor issues, county issues, surprise repairs, buyers backing out, timeline extensions, but we stuck to the end and sold. Mid project we were going to literally cut our loses but my optimism got the best of me and we continued forward.
What made you interested in investing in this type of deal?
The idea of the profits.
How did you find this deal and how did you negotiate it?
On a local RE association website. It was a wholesaler.
How did you finance this deal?
Hard money with personal money.
How did you add value to the deal?
Made it a 3/2 from a 2/1.
What was the outcome?
Success. Walked away in the green despite double the costs.
Lessons learned? Challenges?
Pay attention to your red flags and don’t deviate. Have an exit strategy and optimistic outlook. Challenges that we overcame were contractors not being fully licensed, contractor bullying, double checking the contractor budget, not getting the communication requested, to the unexpected repairs.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Megan Hamilton and Albert with Veterans Affordable. If we worked with them from start to finish we would have saved tens of thousands (literally).
Most Popular Reply
@Joseph Bagley the house came out beautiful. Care to share the rehab cost and profit?