Flip Project in Flint Kearsley

[Johnny Crane]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $25,000
Cash invested: $60,000

I purchased this home to flip in mid-February of 2023 off market for $25,000. It was in rough shape! We are nearing the end of the rehab and intend to list it for sale in mid-May. The pros are it is nearly 1,800 square feet, it has 4 bedrooms, 2 bathrooms and a 3 seasons room. It also has a large backyard. The cons are that the layout isn't super functional, it doesn't have a basement and it is only a 1 car garage. However, comps are in the $180,000 range so I'm anxious to see what the market has to say about it when we list in a few weeks. I'll post an update when we list it with some before and after photos!

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

Numbers made sense

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

Off market. One of my real estate clients knew relatives of the owners.

How did you finance this deal?

Cash

How did you add value to the deal?

complete remodel

What was the outcome?

Still working on the rehab but I'm hoping to list by mid May

Lessons learned? Challenges?

I want to challenge myself to find more contractors for the next project to keep prices down and be less hands on.

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

I am a realtor so I handled the deal myself