Redford, MI : Fix, Hold, and Then Flip

[Scott Matthew C.]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $60,000
Cash invested: $200,000
Sale price: $345,000

REO - Complete gut and rehab.
Fully remodeled 5 bedrooms, 3 full bathrooms, 3 car garage, over 3,000+ sq ft living space, on 1.5+ acres, with a super large rehabbed pole barn and maintenance shed! This home offers a New Roof, New Electrical, Newer Windows, New Oven/Range, New Refrigerator, New Kitchen all around, New Bathrooms, New Doors, Fresh Coat and Professionally Painted Interior, New Hardwood and Carpet Floor throughout, New Landscaping, Newer Everything including lights, fixtures, cabinets, handrails, toilets, tubs, sinks, doorknobs, bulbs, trim, and more! Have all of this at an unbelievable price.

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

This property is truly a gem, as it boasts not only a spacious 6 bedroom and 2.5 bathroom main house, but also includes two additional standing buildings, making it a rare find in the area. Additionally, it sits on the largest lot in the vicinity, making it an exceptional opportunity for any potential buyer.

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

It was sitting on the MLS for over 70 days. I kept an eye on it and finally decided it was long enough and made an all-cash offer with no contingencies and EMD nonrefundable.

How did you finance this deal?

Cash

How did you add value to the deal?

I did my own BPO

What was the outcome?

Profit

Lessons learned? Challenges?

Everything went wrong, no matter how I planned it. You name it, and it happened—liens, break-ins, cops, attorneys, legal fees, embezzling, and more. I can literally write a book; I kid you not. Ask me anything, and I'm confident I experienced it.

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

I am an owner/broker.