Single Family Fix & Flip

[Joe Quinn]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $78,000
Cash invested: $8,000
Sale price: $138,000

Fix and flip small 2/1 single family residence. Added 2 additional bedrooms and a bathroom in the basement.

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

Initial pro forma indicated a profit of more than $10,000. That was my goal for my first fix and flip.

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

Found the deal through another realtor friend.

How did you finance this deal?

Traditional bank financing with an 80/20 note. No creative sources for this deal. Wasn't aware of some of the options out there at the time.

How did you add value to the deal?

Finished basement. Added two legal bedrooms and a full bath to the basement.

What was the outcome?

Made a gross profit of $48,000. Net profit after closing costs and fees of $38,340.00

Lessons learned? Challenges?

Flipping in a expedient manner is a lot of work! Had many hours after work and on the weekends getting the work done mostly myself.