Most Disgusting House - And easiest renovation

[Matt Pursley]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $67,000
Cash invested: $60,000
Sale price: $185,000

Disgusting squatter house flip

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

Fix and Flips are great because they fund long term investments for me. I let quick cash buy cash flowing assets

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

This one is funny. This owner was the first person ever to call me back from a marketing campaign. Two years later my real estate agent calls me and tells me she has a house and the wife is selling it because her husband was near death. It happened to be the same person and I knew all about the property because I had already reviewed their properties before.

How did you finance this deal?

Half private money and half my own.

How did you add value to the deal?

Major rehabs. Totally new roof, kitchen, hvac, bathrooms, plumbing, floors and landscaping.

Lessons learned? Challenges?

This was by far the worst project i've seen and WORST SMELLS i've ever smelled. Totally disgusting and yet I didn't lift a finger. The hardest part of what I did was coordinating material delays. This was the first flip that I didn't do any work on and I LOVED IT. Start of rehab to finish took 5 weeks. FIVE WEEKS!!!

The biggest challenge was the fight of over-rehab. In this market people want turn key - I probably over did it, but it's turn key and selling it was no problem.