Single Family Cosmetic Fix & Flip

[Jeremy Bourgeois]

Investment Info:

Single-family residence fix & flip investment in Killingly CT.

Purchase price: $180,000
Cash invested: $20,000
Sale price: $210,000

I vividly remember that my return on this deal was $100. After a 6 month renovation, there wasn't much to show for it. But this was my first fix and flip and thankfully I didn't lose anything on the project.

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

I wanted to get hands on and flip my first house.

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

I found it off market directly through the seller via an SMS blast campaign.

How did you finance this deal?

Hard money

How did you add value to the deal?

Updated the kitchen, repainted the house, and replaced the roof, as well as cleaning up the landscaping.

What was the outcome?

A hefty return of $100 after a 6 month process

Lessons learned? Challenges?

I worked with a few partners and we didn't have our responsibilities laid out before we began, so the project took much longer than it should've and we incurred more holding costs than we needed to. That flip should've taken half the time that it did.