Easy Fix and Flip

[Brandon Hall]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $120,000
Cash invested: $37,000
Sale price: $224,000

A quick fix and flip in Lewiston Maine, that yielded us about a $42K profit. Property was neglected but not overly abused. Rehab budget was $25K (mostly cosmetic and electrical/plumbing updates), and square footage was ~1200. Work was finished in a month and a half, took a little bit to sell because of the market, and higher supply in Lewiston. But ultimately we got it sold and made a solid profit for the work completed. Bought off of a local wholesaler, and looking for more!

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

We will buy these any day of the week. Met the 70% rule which is what I run my business by, and also could have been BRRRR easily.

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

Bought off a wholesaler, purchased for their asking price of 120K.

How did you finance this deal?

Local hard money lender, using his own funds.

How did you add value to the deal?

Completely remodeled cosmetically, redesigned kitchen, furnace update, electrical updates.

What was the outcome?

About a 42K profit!

Lessons learned? Challenges?

First property we have completely subbed out jobs we don't like doing (plumbing, floors, etc.), and its well worth the money. Also I usually just utilize the local dump to save money, but using a dumpster here was key, and will be the only method going forward.

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

Just myself, as an agent I would be happy to help anyone looking to invest!