North West Philly flip

[Holly Rehfuss]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $193,000
Cash invested: $8,100
Sale price: $430,000

A lender brought me this property. They funded the entire purchase and $30k of rehab. I partnered with a contractor who put up the additional $40k for rehab we then sold it to the end buyer off market for $430,000. We did a 50/50 split. I had $8,100 of my own money total into the deal.

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

Loved the area and know it well. It would be an easy sell at completion.

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

Private lender brought the deal to me.

How did you finance this deal?

Same private lender funded the deal.

How did you add value to the deal?

Typical, new windows, kitchen, baths, add AC and finish basement.

What was the outcome?

It was a profitable deal. all parties won

Lessons learned? Challenges?

I probably wont partner with this particular person again as it took them far too long to complete the renovations. The end sale price would have been substantially higher had we completed sooner and the holding costs would have been much lower.
Other than that he did nice work, just slow and changes his mind a lot.