My First Successful Flip

[Spencer Carpenter]

Investment Info:

Townhouse fix & flip investment.

Purchase price: $150,000
Cash invested: $9,000
Sale price: $220,000

2bd/1.5ba Townhouse in Lancaster, PA

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

These would be my first flips. I liked that it was going to be mainly a cosmetic rehab - carpet, LVP flooring, painting, some electric, light plumbing, and refinished countertops. Additionally, with the market being unpredictable with rising interest rates, I like that I had the opportunity to possibly provide homes that were less than 15 years old to young couples that were priced out of the market from 2020-2022.

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

This property came to me packaged with 31 Chesapeake through a wholesaler just before Christmas of 2022 and we closed on it before the end of the year. I asked for $10k less and settled on $5k less.

How did you finance this deal?

$10k of my own money, $25k from my mom, $45k from a private lender, and the rest from hard money.

How did you add value to the deal?

Carpet, LVP flooring, painting, new lighting fixtures and can less recessed lights, new light switches/outlets, GFIs, light plumbing, refinished countertops, and light landscaping.

What was the outcome?

It sold before we took it to market for $10k over what I originally was going to list it for, resulting in a $25k+ profit.

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

Realtor - Brittany Fellin - https://kghomegroup.com/about-...
Painter - Mark Campbell - https://www.instagram.com/mark...
Wholesaler - Kyle McCorkel - https://www.biggerpockets.com/...