Successful flip in Akron Ohio

[Chris Parsons]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $50,000
Cash invested: $40,000
Sale price: $120,000

Mostly cosmetic fixes on the interior. Added new siding. Straightened a leaning garage. Updated 1st floor wiring. Converted a breakfast nook into a 1st floor laundry & 1/2 bath. Appraised for $152,000 but sold it to a family member who expressed interest just before I was going to put on market. Would have sold for the $150,000 but family is priority so I sold it at the minimum profit margin that I had wanted when I started the project!

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

It was a no-brainer flip. I knew the potential was there and had a good crew to get the job done.

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

Found it through my sphere.

How did you finance this deal?

Cash

How did you add value to the deal?

Lots of cosmetic fixes. Maintained as much of the historical woodwork and wood flooring as possible.

What was the outcome?

Made my numbers and provided a great home to a family member who was buying her first home!

Lessons learned? Challenges?

Took longer than I wanted because I had a lot of other personal things going on that prevented me from being able to get things done as quickly as I wanted to.

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

I am a realtor!