318 Wiley St Fix and Flip

[Austin Ellery]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $105,000
Cash invested: $182,000
Sale price: $232,500

Completely Remodeled. Full Appliance Package Included. Smart Thermostat. USB Outlets. Covered Front Porch. Huge Back Deck w/Solar Cap Lighting and In-Laid Spindles. Amazing Detail. Private Back Yard. Large Laundry Room. Closet Organizers. Circle Driveway. Brand New HVAC. New Electrical, Plumbing, Windows, Framing, Floor and Ceiling Joists. French Drains. All New Drywall and Insulation.

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

This was my first ever real estate deal and when the deal presented itself I went after it. This came with the massive support from a family friend who wanted to help me out and mentor me through the process.

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

I found this deal on Craigslist and I actually went on my lunch break at my former job to look at it. We ended up putting an offer on it that day and it was accepted. A few weeks later I quit that current job to focus solely on that first house flip. They were originally asking $110k for it and the house was in rough shape so we offered $105k all cash with no contingencies and no inspections.

How did you finance this deal?

My family friend, who is now my business partner, funded this deal for me without having to use any private or hard money lenders.

How did you add value to the deal?

We took the house down past the bones and reframed everything from the crawlspace dirt floor and up. I researched the finishes that other flippers were using in their own flips nearby and based our finishes off of that.

What was the outcome?

This was a great first house flip, although it took 2 months longer than expected, we were still able to profit $34k after closing costs and other fees.