Successful Fix & Flip

[Michael Temple]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $54,000
Cash invested: $34,000
Sale price: $140,000

This was a great off-market deal. Nice two-story brick house with a basement. We updated the windows, kitchen, bathroom, flooring, cleaned, and painted the entire house. In addition, we updated the garage and put a new roof on it. The deal worked out great and was easy to sell when finished.

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

The house was a well-built house in a decent area for the right price. It needed updating and cleaning for the most part, but the "bones" of the house were good. It was off-market and the owner was easy to work with to create a win/win deal for everyone.

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

It was brought to us through a referral

How did you finance this deal?

Cash

How did you add value to the deal?

Massive cleaning, painting, and updating of the key items such as kitchen, bath, and flooring.

What was the outcome?

Easily sold once the rehab was completed. Had several above asking price offers from well-qualified buyers.

Lessons learned? Challenges?

The main challenges were trying to source materials with the supply lines messed up from the pandemic and erratic pricing when items were available. In addition, skilled labor was very tight and difficult to locate.

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

We used an agent when selling.