1940s Bungalow Flip

[Zac Hales]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $160,000
Cash invested: $50,000
Sale price: $275,000

Gut job on a 1940s bungalow in downtown Durham. This one was so much fun because it had great bones and we were able to add a lot of value instead of spending a ton of time making repairs.

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

Wanting to learn the ropes as an agent and investor

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

This was on our local MLS. I ended up finding the buyer organically on the resale end and it worked out great.

How did you finance this deal?

Hard money

How did you add value to the deal?

As the agent and a partner I helped heavily with the design, purchase and resale

What was the outcome?

We came out very well and the project itself was pretty seamless. Not a lot of suprises!

Lessons learned? Challenges?

1940 on up is awesome/ size matters! Homes in the 1940s were very solid and because this had great bones we didnt need to do many actual repairs so the money went to adding value. The size of the home being 1000 sqft made things very easy too. The best part was taking down the sheetrock and seeing the exposed fireplace which we ended up leaving exposed as a little suprise when you cross into the kitchen!

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

I was the agent. I will be happy to answer questions about the hard money lender privately.