Fresno Flip: Strategic Renovation Turns Big Profit on N Backer Avenue!

[Julie Muse]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $284,000
Cash invested: $20,350
Sale price: $435,000

Contributors:
Peter Vekselman

Partner Driven, in partnership with Seth Choate, purchased a home on N Backer Avenue in Fresno, CA, for $284,000 on 10/29/2021. We invested $20,350 in renovations to modernize and enhance the property's appeal. These strategic upgrades led to a successful sale for $435,000 on 04/04/2022. Our efficient project execution and market strategy resulted in a significant return on investment, highlighting the strength of our partnership.

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

Partner Driven was drawn to the N Backer Avenue property due to its location in a desirable Fresno neighborhood and its potential for value enhancement. The home needed targeted renovations that aligned with our strategy of maximizing returns through smart, cost-effective upgrades. The property's initial condition provided a strong opportunity for improvement and profit.

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

Our partner, Seth Choate, identified the N Backer Avenue property through his extensive network and local market knowledge. Recognizing its potential, we quickly negotiated a purchase price of $284,000. By leveraging our experience and Seth's insights, we secured the property at a favorable price that allowed room for renovation and a profitable resale.

How did you finance this deal?

Partner Driven financed the N Backer Avenue deal using internal capital, which allowed for a seamless purchase process. By using our funds, we maintained control over the timeline and budget, ensuring that renovations could begin promptly and be completed without financial delays. This approach enabled us to optimize the project's profitability.

How did you add value to the deal?

We added value to the N Backer Avenue property by investing $20,350 in strategic renovations. These updates included modernizing the interior, enhancing curb appeal, and addressing key areas to make the home more attractive to buyers. Our targeted improvements significantly increased the property's market value, setting the stage for a successful sale.

What was the outcome?

The outcome of the N Backer Avenue deal was a substantial profit. We purchased the property for $284,000, invested $20,350 in renovations, and sold it for $435,000 on 04/04/2022. Our strategic approach and efficient execution led to a significant return on investment, underscoring the effectiveness of our value-add strategy.

Lessons learned? Challenges?

A lesson from the N Backer Avenue deal was the importance of precise budget management. While the project was successful, navigating unexpected costs required flexibility and careful oversight. This experience reinforced the need for meticulous planning and adaptability in renovation projects to ensure profitability, even when facing unforeseen challenges.