Single-Family Fix and Flip

[Brad Roche]

Investment Info:

Single-family residence fix & flip investment in Mooresville.

Purchase price: $260,000
Cash invested: $80,000
Sale price: $415,000

This was originally suppose to be a fix and flip only. With high rent prices in the area- we decided to hold on to it until 2022 as a Single-Family Rental Unit. The property was in a great location, but everything in the home had to be touched up or fixed completely. This included renovating and updating the kitchen and living room area, moving a bathroom to a new location, updating the basement (Added HVAC ducting throughout the basement), added a bar area, fixing the outdoor landscaping.

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

We had found this property for a great price and needed mostly cosmetic fixes- had great bones. I have done over 200 fix and flips in the past and new this was a deal I could not pass up.

How did you finance this deal?

We used a Conventional Loan to finance the home and used personal funds to finance the rehab.

What was the outcome?

The outcome was that I was able to hold on to the Cash-Flowing property for a couple more years then expected as a long-term rental and eventually flip it for $75,000 profit.