Fix and Flip in Greenville

[Coley Mitchell]

Investment Info:

Single-family residence fix & flip investment in Fruitdale.

Purchase price: $152,500
Cash invested: $135,000
Sale price: $420,000

Complicated fix and flip. Started with a hoarding tenant that was planning to move out but failed to do so on multiple occasions. We ended up having to evict but simultaneously worked with her to get some financial support to help find a new (better) living situation at no extra cost, including giving her rent money back to help cover cost of move.

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

Like to do 2-4 flips per year if possible and numbers on this one were good.

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

Found it from doing my own outbound text campaigns. Ended up wholesaling it my LLC I have with a partner. Stayed in touch with original owner over 6 months and finally offered something he would accept.

How did you finance this deal?

Did everything in cash

How did you add value to the deal?

Once she was out house needed everything and was infested with bugs. Refinished floors, new windows, replaced roof, updated electrical, updated plumbing, new hvac, new water heater, and punched out back of house and added walk out deck. New cabinets, appliances, and counters in kitchen. Finish lower level split (half was single car garage), adding a mud room, laundry room, and new master bath suite. Removed trees, graded yard, added landscaping, mulch and big privacy fence in year.

What was the outcome?

Project was a success. Profit was about 95k to our LLC.

Lessons learned? Challenges?

Was a big job with tons of learning. From purchasing property from very difficult seller, to trying to get tenant out, going through eviction process, to even being able to get contractors into property was a huge challenge given such poor condition. Dealt with repeated contractor delays, changes to scope, etc, including finally listing 4 months later than planned. up being about 4-5 months late.

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

Worked with an agent on disposition side.