I had to pivot on this property

[Laura Spaulding]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $235,000
Cash invested: $230,000
Sale price: $595,000

Property was a 3/2. I remodeled into a 5/4. property is currently listed. If it does not sell in 60 days we will turn it into a co-living space.

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

Massive mold damage and I am a licensed mold remediator. fantastic neighborhood, and tons of upside.

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

Owner called me for mold remediation.

How did you finance this deal?

I used a friends self directed IRA for the purchase and my cash for the rehab.

How did you add value to the deal?

Adding more bedrooms, new floor plan, new kitchen, floors, exterior paint, landscaping, and pool rehab.

What was the outcome?

Just listed on the market for $595K. If it does not sell I will pivot and rent as a co-living space.

Lessons learned? Challenges?

I underbudgeted on the rehab. I underestimated the roof cost and the pool repair. I learned a ton and super grateful for the experience.

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

I am the buyers agent, and I project managed the rehab. I am now the listing agent on the sale side.