Mountains of fun!

[Matthew Coghlan]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $105,000
Cash invested: $60,000
Sale price: $199,900

Another home we lived in and rehabbed. This home was in total disarray when we bought. The children of the previous owner sold this home after his passing. A former rental home that we restored to its former glory and updated it with modern necessities.

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

The price and location was a big part of this deal. Needing a home to live in but also seeing the potential for profits when we would sell in the future. It is located on the end of a cul-de-sac in a nice quiet neighbor hood very close to the city. It is on the edge of a farm so the back yard view of fields and woods was a seller!

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

We happened to be looking at other homes, during this process we told our real estate broker that we didn't mind fixer uppers! She knew the owners and the home. The home had not been listed on the MLS yet! A deal that was dropped into our lap through conversation! Our agent is a tuff negotiator and a successful agent!

How did you finance this deal?

30 year conventional loan with 5% down!

How did you add value to the deal?

We completely gutted this home and rehabbed it from the foundation to the roof!

What was the outcome?

A beautiful home was made and the selling price was perfect!

Lessons learned? Challenges?

Plan, calculate and stay hungry! One challenge was repairing joist in the sub floor that were rotted from long term water damage. That was not fun but it was a lesson worth learning!