Buy, Flip, STR, Sold 25% ROI

[Mary Eubanks]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $330,000
Cash invested: $120,000
Sale price: $600,000

Lakefront home. Updated entire home. Used as an STR on AirBnb and sold.

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

There is only so much lakefront property which continues to increase in value. People who have money are those that invest in this type of property opposed to the average buyer who can only qualify for so much.

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

On the MLS. We went into multiple offers, but came in at a full price, 20% down conventional loan and felt that was a solid offer with all the work that was needed.

How did you finance this deal?

Conventional loan 20% down.

How did you add value to the deal?

Lots of junk in the yard, cleaned it up. Took trees down for a better view of the lake. Screened in patio was redneck so fixed that up to how it should be. Completely renovated the inside of home, new appliances and turned into AirBnb. Sold as furnished. All you need is your suitcase.

What was the outcome?

Made 25% ROI

Lessons learned? Challenges?

Have your contractor go where the house is instead of trying to hire local. Wasted a lot of time on getting bids and people locally that didn't work out. In the end, had my contractor do it even though was an hour away.

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

Just me! Happy to help anyone that needs advice or I can help find their next investment opportunity!