Summer 2023 flip

[Jonathan Baird]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $22,000
Cash invested: $45,000
Sale price: $107,000

Charming and move-in ready! This 3BR/2BA home in the Portland neighborhood boasts updated floors, light fixtures, paint, updated kitchen with stainless steel appliances, updated bathrooms, fenced in yard, and more.

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

I know the neighborhood well, especially in terms of pricing, and I had some ideas about modifying this house.

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

My friend owned the property. He provided the property and I provided the labor + materials.

How did you finance this deal?

Self financed.

How did you add value to the deal?

Adding 2 bedrooms and 1 bathroom. New water heater. New flooring. New cabinets and granite countertop. New fixtures. New AC condensor unit. New paint.

What was the outcome?

Took 3 months to sale. Profit was not great but it was a good start to a new joint venture.

Lessons learned? Challenges?

Layouts are important; when a house is too chopped up and doesn't flow well, it makes it difficult for buyers to see the intrinsic beauty of the house.

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

Madison Meredith, a Louisville Ky agent.