Flipped Laurel House

[Angela Combs]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $135,000
Cash invested: $20,000
Sale price: $205,000

We purchased this home initially thinking we would be there forever, but ended up selling it and moving into another property we already owned.

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

Our lender mentioned a rehab loan while discussing another property. Once I walked into this house I was able to see the potential!

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

We saw it online and my husband talked me into seeing it. We purchased it through a local agent.

How did you finance this deal?

203k loan

How did you add value to the deal?

We gutted both bathrooms, moved a wall, painted the outside, repaired the deck, replaced all of the flooring, and cleaned up the yard.

What was the outcome?

We walked away with $60k+ after closing.

Lessons learned? Challenges?

It took physically looking at the property to see the potential. We did run into a minor issue with a few floor joists, but were able to get them repaired. Lessons learned: don't be afraid of ugly houses, expect there to be something unexpected to come up, stay on top of where your costs are with your budget!

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

No