St Augustine - 2 home renovation, STR and upcoming flip

[Mindy Nicol]

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $230,000
Cash invested: $150,000

Historic bungalow on .5 acre with detached tiny house. Both rented at the time of purchase.

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

Area is in transition. 2 homes on property that can be rented either long term or short term was appealing. Opportunity to build equity in neighborhood and renovate to my taste.

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

Cash only purchase. Home would not have qualified for any financing. Found on MLS.

How did you finance this deal?

Cash

How did you add value to the deal?

Hoarder rehab. Complete gut renovation on 80 year old bungalow. Renovation to tiny house (ADU on property). Cleaned half an acre of debris from property.

What was the outcome?

Tiny house currently a STR earning.
Living in main house while I continue with landscaping upgrades and exterior repairs. Will ultimately sell for next deal.

Lessons learned? Challenges?

Several vendors overcharged me, bad quality. Figured out who does the level of work and detail that I'm looking for.

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

I am a real estate agent that works with investors. I have many renovation, plumbing, electrical and landscaping vendors that I can recommend and refer.

[Chris Mury]

Quote from @Mindy Nicol:

Hi Chris, Thanks! It is West Augustine. Just south of King. 

 Nice! I own a duplex in West King. Love the long term prospects of the area.