Dexter, MI Fix & Flip

[Brooke Matuszak]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $274,500
Cash invested: $80,000
Sale price: $410,000

This was a home that we purchased in 2020 to live in as a family. We had planned to add value to the home while living there, as the home needed a lot of updating. Unfortunately, we had a second 3-car garage that burned down overnight in August of 2021. After completing the necessary repairs, we decided to utilize the remaining money to finish all of the projects in the house.
We then sold the home in July of 2022 for a large profit.

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

My husband is a carpenter and project manager, so he is able to complete many home projects. We knew we would be able to afford a property that required more work.

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

We were searching for a home to live in and fix up over time. At the time, we were utilizing our agents to help us. Since then I have become licensed myself.

How did you finance this deal?

Conventional Residential Loan

How did you add value to the deal?

Updates to every single room. New flooring, new paint, new trim in every room. All 3 of the bathrooms were completely renovated/updated. New appliances, and painted kitchen cabinets. New granite counters. New siding and roofing.

What was the outcome?

We were able to sell the home two years after we purchased it for $410k

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

Yes, but since then I have become licensed myself and sold the property.