BRRRR, turned fix and flip.

[Ekundayo Olomo]

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $25,000
Cash invested: $130,000

BRRRR, turn, fix & flip...

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

The opportunity to do an extensive renovation and gain more relevant experience.

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

After launching a grassroots marketing campaign, I assembled a team to distribute "we buy houses" flyers. This gained the attention of the property owner, who had purchased and gutted the home in preparation for renovation.

How did you finance this deal?

Saving, private lenders, and The One Brokerage

How did you add value to the deal?

This property was a complete renovation from the studs up!

Updates included :
New roof
New siding and gutters
New windows in 80% of the property
New luxury vinyl plank and carpet in bedrooms
New HVAC
New water heaters
New A/C
New plumbing
New 200 amp electrical panels
New tubs and tile work
New Vanities and fixtures
and much more!

What was the outcome?

After many ups and downs, I learned to always stick by THE NUMBERS because even with my delays and unforeseen issues, I was able to build equity in this deal because I was constrictive in my after-repair value you and built-in overage on my rehab /holding cost.

Lessons learned? Challenges?

I learned ALWAYS to verify contractors' work and payment of sub-contractors. Feel free to reach out for a call if you'd like details haha!

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

I worked with The One Brokerage again and Momentum Title Agency, LLC. Both are tremendous, and I would highly recommend them!