First and last flip (for now!)

[Jessica Kirkpatrick]

Investment Info:

Single-family residence fix & flip investment in Cincinnati.

Purchase price: $170,800
Cash invested: $112,000
Sale price: $360,000

Hello Remodeled Craftsman Bungalow Home! Updated with finer finishings & quality craftsmanship while preserving original characteristics. This home has 3 beds, 2 full baths, 1-car detached garage, & a .25 acre lot. Front porch or backyard make for great entertainment. Location is central to everything that makes Wyoming, including some of the best schools in the state. This is a move-in ready home - new roof, HVAC, and rewired.

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

Always wanted to do a flip. Wasn't looking but one dreary Saturday afternoon this house flew across my radar. I love the look and character of the house and the fact it was a complete gut job, since this would be my first flip. Also, the location was A+ and some of the best schools in the state.

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

MLS. I'm an agent, so I was able to keep my commission. It was presented as a single family opportunity over a flip opportunity and they didn't have as much interest as they thought and many thought there was too much work. Plus, I waived the inspection.

How did you finance this deal?

HELOC and personal loan.

How did you add value to the deal?

New roof, rewired house, new HVAC, added 1 full bath, increased square footage of 3rd and gave independent entry.

What was the outcome?

$25K over list price, 6 offers, cash off, close in 3 wks.

Lessons learned? Challenges?

Check wiring ahead of time, budget in handyman items toward the end, and have everything completed before going under contract, so new buyer can't get in the way of getting the job done and/ question the integrity of the work. For example, I scheduled the main water line to be replaced after it went under contract and put in agent notes that was to be completed. The new buyer questions the integrity of the work and threatened to break the deal.