2019-2020 Fix and Flip

[Jonathan Baird]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $12,000
Cash invested: $42,000
Sale price: $91,000

House has tons of features such as a rear master bedroom with master bathroom and a walk in closet. Open floor plan between the kitchen and dining room. Rustic exposed brick. Lots of new features!:
-new metal roof that will last a lifetime
-new gutters
-new covered porch
-new side deck entrance made of Trex material
-new large capacity water heater
-new Bluetooth thermostat.
-new sump pump
-new HVAC ducts
-new HVAC lines
-new LED backlit mirror
-new electric wiring for entire house, inspected and up to code.
-new plumbing is all PEX line plumbing
-new gas line
-new flooring (vinyl click waterproof laminate and carpet in the bedrooms).
-new doors (all of the interior and exterior doors are new, including new hardware locks, hinges, etc)
-new kitchen countertop
-new waterproof treated butcher block countertops
-new large kitchen sink with stretch faucet
-new extensive shelving in the large closets
-new tubs, shower surrounds, faucets (brushed nickel)
-new toilets
-new vanities, sinks, faucets
-new bathroom hardware (brushed nickel)
-Bluetooth bathroom fans with speakers
-custom recessed shelving
-3 entrances to house: front, side and rear
-historic rod iron fence in front yard (refinished)

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

The purchase price. The square footage of the house. The neighborhood.

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

I found this house thru my connections and relationships in the neighborhood and purchased it directly from the owner.

How did you finance this deal?

Self financed

How did you add value to the deal?

New metal roof. New gutters. New front porch with trex. New exterior paint. New AC unit. New LVP flooring. Raised to 12 ft ceilings. New kitchen cabinets with butcher block countertop. Added 2nd (primary) bathroom for new added primary bedroom with walk in closet. New permitted breaker panel. New fixtures. New bathrooms.

What was the outcome?

Sold for an excellent price at that time in the market during the height of covid. This house started down to the studs.

Lessons learned? Challenges?

I learned that I must finish projects more quickly by outsourcing more of the work and utilizing larger crews.

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

I sold by owner.