1910 Craftsman Remodel

[Zac Hales]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $385,000
Cash invested: $160,000
Sale price: $595,000

1910 Craftsman Revival in the heart of Durham. I am not proud of this one if Im being completely honest. I was the agent and the majority partner was given too my runway to make decisions and did not listen to myself (the agent/ smaller partner) or the other smaller partner (also the contractor). He raised the price by over 5% at the last second against my wishes and we ended up having to sit on the home much longer than necessary. We ended up coming off market to add more value to sell it

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

Size and price point

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

Listed in our MLS

How did you finance this deal?

Private Money

How did you add value to the deal?

Interior and exterior remodel including siding and paint.

What was the outcome?

We got it sold and made a decent profit. It could of been much much better but I was not allowed enough say. I am sharing this because its valuable for everyone out there to see that not everything is a home run and sometimes youre lucky to hit a single. But also, its important that the experts in the area (myself as the agent and the contractor who was also a partner) are actually listened to, and just because you put forward more money does not make you the expert.

Lessons learned? Challenges?

Knob and tube wiring is wild!