Downtown Lexington VA Flip

[Rebecca Thacker]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $30,000
Cash invested: $50,000
Sale price: $274,550

Sleek in style and rich in character! This two story home built in 1922 has been completely renovated. Offering a versatile floor plan with four bedrooms, three and a half baths and over 1800 square feet of living space.

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

Retiring investor

How did you finance this deal?

This loan was financed with a construction loan and then private financing.

How did you add value to the deal?

To add value, in addition to an entire home remodel, one and a half bathrooms were added. The kitchen was moved.

What was the outcome?

A decent profit was achieved and many lessons learned.

Lessons learned? Challenges?

Know your exit strategies and have your personal finances in order. I should have completed a cash out refinance and kept this beauty for true wealth generation. I missed opportunities having my cash tied up. While overall the flip was very successful, a good look at my exit options would have improved the return.