Remodel Gated Community In Ocala Florida

[Kevin Olson]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $243,000
Cash invested: $20,000
Sale price: $349,999

I purchased this house in 2021 with the plans to remodel and sell for a profit. I did all the work my self which lead me to holding the property longer than I anticipated. I spent around 20,000 over the year to remodel the kitchen, bathrooms, all new flooring, landscaping, etc. We close on 7/6 and my profit is 76,000. I will be using the profits to purchase a short term investment property, most likely an Airbnb.

My goal is within 5 years to have 50 doors and retire from my main job.

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

To acquire a significant amount of cash that I can use to purchase a long/short term rental

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

I worked with a local Agent who I became friends with when I helped her and her family purchase a vehicle. I negotiated the closing costs, and the sale price, but the house was listed at the price.

How did you finance this deal?

A 30 year fixed rate with 3.5 % down.

How did you add value to the deal?

I spent close to 20,000 on this property and I saved even more doing all the work myself. From the remodeled Kitchen, to the bathrooms, to the 1985 Sq Ft of Luxury Vinyl Floors, and New paint this completely transformed the property.

What was the outcome?

I had to hold onto the property longer than I wanted to but I made close to 80,000 on this flip. I negotiated during the sale that the buyer pay for my closing costs.

Lessons learned? Challenges?

I would have hired contractors to do some of the work to speed up the remodel time.

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

I worked with a local agent who has become a close friend. She sees and understands my vision for the future and what I hope to achieve. I believe in building a team around you to help you succeed.