Walsh SFH, 4BD/3BA Flip Project in St. Louis, MO

[Ryan Sparks]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $183,400

Converting historic duplex to single-family home w/ 4 BD, 3 BA. Remodeling kitchen, bathrooms & flooring. Updated electrical, HVAC, plumbing & water service. Add rear entry w/ back decking/stairs. Goal is for rehab to be complete by end of Feb/early March to put on market.

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

Close proximity to my personal home in a desirable neighborhood w/ supply shortage.

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

Thru a local wholesaler.

How did you finance this deal?

Personal cash & HELOC.

How did you add value to the deal?

Acting as GC/project manager, listing agent & grunt laborer. Added 2 bedrooms including master suite w/ 3rd bathroom.

What was the outcome?

TBD.

Lessons learned? Challenges?

Beware of old knob & tub wiring along w/ galvanized piping/ductwork. Very tedious demo & repair work when dealing w/ plaster walls. Check water service update w/ City of St. Louis. Always get 3 bids from contractors.

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

KW Saint Louis.