Crooked Lake Flip

[Deena Paull]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $220,000
Cash invested: $40,000
Sale price: $320,000

This was a combo investment, so to speak. We purchased it, fixed it up, short term rented in for a time, and then sold it for a profit.

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

We like to rehab and we like to rent short term. It was a win win! The home needed a facelift and some foundation work, but overall it was quite simple.

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

We used the mls for this deal. Unfortunately the realtor did all the negotiating on our behalf. I always prefer to do it myself. It's more personal.

How did you finance this deal?

We got a conventional mortgage

How did you add value to the deal?

We started by tearing out the floors and the kitchen. We replaced the kitchen with new cabinets, counters, and paint. We laid luxury vinyl plank throughout, with the exception of the bedrooms where we put carpet. We left the existing bathroom as is, but added a half bath.

What was the outcome?

This felt like an easy flip with minimal hiccups. Because it was on a lake, we were able to enjoy it while we rehabbed it and also pulled in some revenue by renting it to vacationers.

Lessons learned? Challenges?

We definitely do things a bit more systematically now. We have a timeline and a very specific process.