Camden Ave Flip: Profitable Transformation with Emmanuel & Angela

[Julie Muse]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $110,000
Cash invested: $87,000
Sale price: $267,000

Partner Driven, in collaboration with Emmanuel and Angela Stanfildis, completed a successful fix-and-flip on Camden Ave, Portsmouth, VA. We bought the home on 1/27/2023 for $110,000 and invested $87,000 in renovations. The improvements significantly enhanced the property's appeal and value. We sold the home for $267,000, highlighting our effective renovation strategy and commitment to achieving outstanding results through strategic investments and collaboration.

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

We were interested in the Camden Ave deal in Portsmouth, VA, for several reasons: High Profit Potential: With a purchase price of $110,000 and a sale price of $267,000, the deal promised a substantial return on investment. Significant Renovation Opportunity: The property needed $87,000 in renovations, presenting a chance to add considerable value. Growing Market: Portsmouth, VA, is a market with strong growth potential and demand for updated homes. Partnership with Emmanuel and Angela Stanfildis

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

We found the Camden Ave deal through our network and collaboration with Emmanuel and Angela Stanfildis, who identified the opportunity. The property was available at a compelling price of $110,000. Leveraging Emmanuel and Angela's local market knowledge, we negotiated favorable terms with the seller. Our combined expertise and strategic approach ensured we secured the property under favorable conditions, setting the stage for a successful fix-and-flip transaction for Partner Driven.

How did you finance this deal?

We financed the Camden Ave deal using Partner Driven's capital, covering the $110,000 purchase price and $87,000 renovation costs. This financial support allowed us to proceed quickly and efficiently, ensuring the project stayed on track and was completed without delays. Our commitment to providing necessary resources enabled Emmanuel and Angela Stanfildis to focus on the renovation and sale, ultimately achieving a profitable outcome.

How did you add value to the deal?

Partner Driven added value to the Camden Ave deal by investing $87,000 in comprehensive renovations. These included modernizing the interior, enhancing curb appeal, and updating all systems. Focused on high-impact improvements, we significantly increased the property's market value. Effective project management ensured renovations were completed on time and within budget, making the property more attractive to buyers and resulting in a successful sale for $267,000.

What was the outcome?

The Camden Ave deal in Portsmouth, VA, was a success. Partner Driven and Emmanuel and Angela Stanfildis bought the property for $110,000, invested $87,000 in renovations, and sold it for $267,000. The strategic improvements significantly boosted the property's value. This transaction showcased our effective renovation strategy and collaborative approach, highlighting our ability to achieve substantial returns through strategic investments and partnerships.

Lessons learned? Challenges?

We initially budgeted $45K for repairs but went over budget and time. The husband-and-wife team, with the wife as the realtor, faced delays. The project took too long, partly due to the power company taking 3 months to move service and poor communication with the county for permits. Despite challenges, we persevered, knowing that in this business, you win some and lose some.