First Fix N Flip solely for investment in small market

[Braden Miller]

Investment Info:

Single-family residence fix & flip investment in Myrtle Beach.

Purchase price: $78,000
Cash invested: $35,000
Sale price: $151,500

3 bed 1 bath with large bonus room in small semi rural area. Great size lot with plenty of space out back. local industrial plant causing population increase with a lack of inventory. Kitchen and bathroom completely remodeled. The rest of the home was putty, paint, and landscape. Sold in under a week to a single woman.

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

This deal was very cheap to get in.

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

My mom found the deal on the MLS through a realtor in her small town.

How did you finance this deal?

me and 5 of my family members pulled the money together for a down payment and rehab costs

How did you add value to the deal?

kitchen and bath remodel as well as putty and paint to revive the rest

What was the outcome?

house looked great and sold to a single woman moving to the area for a good profit

Lessons learned? Challenges?

the more we tried to fix in the bathroom and kitchen the more we found was wrong. we ended up having to take both rooms down to the studs in order to get them right. Be careful what you dig into if not absolutely necessary. I think we should have explored using the large bonus room to try and make a master suite which would of added value for bedroom count but more so for there being 2 bathrooms or at least have an additional half bath put in.