First-Time Investor Flip transformed into a beautiful turn key First-Time Home

[Logan Ryan]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $170,000
Sale price: $239,950

This was the first home this mom and daughter team fixed and flipped! They did an amazing job and learn a LOT. The home was a reverse mortgage foreclose. We had to bid up the price to win this deal. It was listed on November 24th (not the greatest time to hit the market) and was on the market 114 days. Before and After Pictures Below...

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

The home had a lot of potential and didn't have any major damage. It was mostly a cosmetic rehab. It was a first time flip, so it was perfect for getting our feet wet!

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

It was listed on the CVRMLS. It was a reverse mortgage foreclosure, which I had previous experience with and knew that we had to make a strong offer. There were multiple offers, because out of the gate it was a really good deal.

How did you finance this deal?

Cash

How did you add value to the deal?

As the REALTOR, I helped find and evaluate the home. I was able to accurately provide a resale range which allowed my clients to make a strong offer and make a very nice profit on the sale. I would have to say my experience dealing with this type of foreclosure and communication with the listing agent, was vital to getting this deal.

What was the outcome?

Successful first flip! They quickly took their profits and moved on to the next home!

Lessons learned? Challenges?

Biggest lesson was building a strong and reliable team of contractors.

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

Yes, the agent was me!!