Current Fix n Flip

[Jason Baron]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $480,000
Cash invested: $120,000

Single Family fix n flip with an 900 sq ft one bed ADU. Short term rental approved by the town, fully renovated kitchen, bathroom and living room. ($60k) Newly added heated garage, also new heat/hot water for the house. ($20k) new landscaping including vinyl fence in backyard and driveway ($45k)

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

Purchased with most all upgrades needed. Major forced appreciation potential

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

The deal was found on Zillow with half the ad posted and we were already in the driveway messaging the previous owners

How did you finance this deal?

We purchased with 5% fixed 30 yr term with our trusted banker Mark Severance.

How did you add value to the deal?

Kitchen, bathroom, heat systems, driveway, fence, landscaping

What was the outcome?

The house is still being worked on and may take a few more years to complete.

Lessons learned? Challenges?

The current challenges are that we have had success with medium term renters who were willing to pay a per diem amount of $6,900/mo for 6-9months. After that we decided to try and get a manager to work short term rentals and it has not been anywhere near the income we assumed.

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

Realtor: Amanda Bell
Banker: Mark Severance