Old Town, Maine Investment. Im finally adding my investments to my profile.

[James Hensley]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $154,600
Cash invested: $10,000
Sale price: $208,000

Solid estate sale house. Blue, purple, green and yellow carpets with matching (yes matching blue, purple, green and yellow) wall mounted toilets and bedroom paint jobs. Large and well laid out but some new issues to address.

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

This is our standard deal, buy fix while living in it and sell when were done.

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

Zillow, and hustle.

How did you finance this deal?

FHA 3.5% down, 30 year term,

How did you add value to the deal?

We replumbed the house to accept tradition floor mount toilets, tiled all the bathrooms, replaced bathtubs, changed kitchen layout and retiled kitchen floor and counters, repainted the entire interior of the house (bought a professional airless paint sprayer) and replaced all carpet. The old boiler quit in the middle of winter so a new state of the art system was installed

What was the outcome?

Sold quickly for near asking price.

Lessons learned? Challenges?

Wall mounted toilets are EXPENSIVE. It was cheaper it replumb than replace the original toilets.

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

Earl Black, (207) 632-7281, Better Homes and Gardens Real Estate The Masiello Group, 1162 Union Street, Bangor, ME 04401