Updated over 2 years ago on . Most recent reply
3050 Sylvan Fix and Flip
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $187,800
Cash invested: $74,651
Sale price: $330,900
This was our first flip and it was a bit of a challenge, but we made it through and came out positive being very satisfied with the end result.
What made you interested in investing in this type of deal?
My wife really wanted to find a property to flip to get started in real estate investing.
How did you find this deal and how did you negotiate it?
The previous owner had passed and the existing relatives needed to sell it. There was quite a few bidding on the property, but we ended up waiver inspection with 20% down and own the bid.
How did you finance this deal?
Broker friend / MLS
How did you add value to the deal?
Renovated much of the first floor kitchen, basement, living room and bath room. Added a second large bathroom in the basement along with another livable room.
What was the outcome?
An amazing turnaround of the property. It had not been updated or touched since it was built back in the 50's.
Lessons learned? Challenges?
We has some water issues outside with the grading that was coming in through the walls. Ended up regrading, adding french drain and resealing the walls.
