Old charm home in city

[Mike Babin]

Investment Info:

Single-family residence fix & flip investment in Charleston.

Purchase price: $55,000
Cash invested: $110,000
Sale price: $205,000

This was a 1950 raised home that needed extensive foundation repairs as well as all plumbing, electrical and subflooring. We had to jack the house in order to change the sill as well as level the house. We removed a few walls and made it an open concept home. The exterior we removed all sheeting and replaced everything and installed vinyl to update it. This project turned out really well and this home will be around another 50+ years

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

I was looking for another flip project to take on and this one was on the market for awhile and others were scared to tackle it. I felt it needed someone to come and bring it back to life.

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

It was on the MLS for over a year. I spoke with the listing agent and we went back and forth with the owners who inherited the property.

How did you finance this deal?

Traditional bank financing with a construction loan for repairs