Fix and flip

[Sokha Ngov]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $620,000
Cash invested: $120,000

This single family residence was sold as a result of probate. Initially I thought it only need a few things to fix and flip but this home ended up being a much larger and more expensive project.

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

I like fix and flips for the potential profit that could be made on the deal. It is satisfying to see an ugly duckling become a swan.

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

Found this deal on the MLS. First buyer backed out of the deal so I ended up getting the home.

How did you finance this deal?

Hard money & HELOC.

How did you add value to the deal?

We had to do a full rehab on this home. We changed out the deck because the view from there is phenomenal.

What was the outcome?

Currently in escrow.

Lessons learned? Challenges?

Get more estimates. Unfortunately I didn't have much time to get multiple estimates or inspections like I normally would. In the future, I would try to find cheaper contractors. The biggest challenge for me was the rear deck needed to be replaced and could not be repaired like I was originally told.

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

I represented myself on this deal which saved me money.