Invesment # 3- A learning experience

[William Jobe]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $475,000
Cash invested: $185,000
Sale price: $709,000

This property was fully renovated to provide a fresh, modern meets classic living experience. It was uppdated with brand-new countertops, custom cabinets, light fixtures, plumbing fixtures, appliances, flooring, and fresh paint throughout the home. New roof and new fence included as well. The open concept provided access not only to the kitchen and living areas-doors open up to the "Great Room" which is part of the terracotta floored addition to the home which has a study and ample natural light throughout. Also worth highlighting was the master bathroom remodel- floored with marble, a double vanity sink, a freestanding bath tub and dual shower heads. Our timing on buy/sell was not great, but we made out ahead.

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

We had done a full gut remodel, and I have good economy with my guys. The comps were significantly higher that had been remodeled, so we knew we had plenty of meat on the bone. But with costs accruing that were not forseen and not having enough of a "margin of stupidity".. this was not a home run.

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

MLS

How did you finance this deal?

HELOC

How did you add value to the deal?

Full Remodel

What was the outcome?

We made out barely ahead!

Lessons learned? Challenges?

Budgeting is an art

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

Myself! I am definitely an investor agent and also a general contractor!