Rockwall Remodel gone Right!

[Mike DeWitt]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $245,000
Cash invested: $56,000
Sale price: $330,000

We converted the dining room into an office/bedroom by adding french doors and a closet. We also did a full cosmetic remodel on the kitchen and bathroom to improve the value significantly.

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

We needed a house to live in and couldn't find a house to hack!

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

This deal was on the MLS for 90 days. The seller was an investor who was tired of dealing with tenants.

How did you finance this deal?

We used private money to fund the acquisition and we used our personal savings to fund the rehab.

How did you add value to the deal?

We converted the dining room into a bedroom/office by adding french doors and a closet. We also did a full interior cosmetic remodel.

What was the outcome?

Added significant value and found that raising money for a project is not hard if there is a solid plan.

Lessons learned? Challenges?

We learned that raising money is not as difficult as we thought. We presented our private money lenders the scenario in an organized and professional manner, signed a promissory note, and provided the investor significant returns!

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

Sanford Realty Renovations was a great partner to have for the rehab!