Flip Flop in Ludington, MI

[Caleb Griffis]

Investment Info:

Single-family residence fix & flip investment in Ludington.

Purchase price: $21,000
Cash invested: $21,000
Sale price: $40,000

This is my first real estate deal. I am partnering with a contractor to rehab this home. I purchase, he fixes it up at discounted rates and no mark up on materials, and we split the profits. The home was not winterized so it had a bunch of water in the crawl space which scared off most buyers. Picked it up through bank foreclosure. Expecting 35K to 70K rehab and hoping to sell for 125K.

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

Great price on the worst home in a great area.

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

Found on MLS and our realtor helped us figure the best price.

How did you finance this deal?

Cash

How did you add value to the deal?

Removed water from crawlspace & Installed sump pump, Fixed roof leaks, repaired rotted structure, and cleaned up yard

What was the outcome?

2020 Update
This one went south due to a neighbor being interested and then not really being interested considerably slowing down our rehab. Then my contractor couldn't get to the job when I was ready to get things going. It was back on me to get this thing sellable at least good enough for another investor so I spent my nights and weekends of time driving up and working on this after my kids were in bed for a few months. Finally sold on MLS in 2020 and barely didn't lose money if not counting m

Lessons learned? Challenges?

Have specific plan and be