Buffalo Rd Renovation: A Complete Transformation with Partner Billy Medlen!

[Julie Muse]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $58,500
Cash invested: $55,000
Sale price: $155,000

Contributors:
Peter Vekselman

Partner Driven, alongside our partner Billy Medlen, purchased a home on Buffalo Rd in Crocker, MO on 2/1/2024 for $58,500. We invested $55,000 in renovations, transforming the property into a highly desirable home. On 9/13/2024, we successfully sold it for $155,000. This deal showcased our strong renovation strategies and collaborative approach to achieving profitable outcomes.

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

This deal offered significant potential for a transformation with its low purchase price of $58,500 and room for value-add renovations. Partner Driven recognized an opportunity to bring the property to market standards and turn a solid profit, with the local market indicating a strong demand for renovated homes.

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

We found this deal through local networking and a direct-to-seller strategy, which helped secure the property at a favorable price. By understanding the seller’s timeline and needs, we were able to negotiate a fair price of $58,500 that worked for both parties, setting the stage for a profitable fix-and-flip.

How did you finance this deal?

Partner Driven financed this deal using a combination of private capital and partner contributions. Our strategy ensures that our partners, like Billy Medlen, have access to necessary funding for both the purchase and renovation process, enabling a smooth and successful investment.

How did you add value to the deal?

We added value by investing $55,000 in extensive renovations. This included updating the home's interior, improving curb appeal, and modernizing key features. These improvements significantly boosted the property’s value, making it attractive to potential buyers and helping to secure a strong return on investment.

What was the outcome?

The Buffalo Rd property was purchased for $58,500, and after $55,000 in renovations, we sold it for $155,000 on 9/13/2024. This deal demonstrated our ability to create value through strategic renovations and effective project management, yielding a solid profit and a successful outcome for our partnership.

Lessons learned? Challenges?

A key takeaway from this project was the importance of budgeting for unexpected renovation costs. Although the $55,000 renovation went as planned, dealing with unforeseen issues, such as older plumbing, required adjustments. Staying flexible and maintaining clear communication ensured we still achieved a profitable outcome.