Suitland Fix and Flip

[Jonathan Tavarez]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $280,000
Cash invested: $50,000
Sale price: $370,000

Fix and Flip in Suitland Area. Project took a month longer than expected with some issues getting supplies and mayor delays on inspections. At the end we got the deal done but for sure a good amount of learning and adjusting to the new market conditions.

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

Single family home with a good amount of appeal from day one, nice lot and very good commute location.

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

I found the deal by doing my own marketing and negotiated directly with the seller.

How did you finance this deal?

A mix of hard money and personal funds.

How did you add value to the deal?

We did a complete cosmetic lift in addition to new central A/C including ductwork and other repairs.

What was the outcome?

Not as profitable as expected but still made a profit. The market conditions created many delays with materials, contractors and inspection schedules.

Lessons learned? Challenges?

The biggest challenge was inspection delays in addition to the amount of damage the A/C installation created in the property. There was also work previously done in the house with no permits (more than 10 years ago) but inspector was insistent in my team getting those items corrected as well. It was a struggle but we got it repaired, permitted and approved.

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

My wife Sarah Tavarez and I work all our deals together, we are the A team :)