Fix and Flip

[Shane Reid]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $57,000
Sale price: $164,900

This was a fix and flip in a mixed area of homes where the conditions are not great. The wood floors were refinished. The bathroom and kitchen were replaced. A bathroom was created in the basement. All windows were replaced.

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

To better homes in the area and to create a product.

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

I found it on the MLS by following an agent that relists homes for an investment company.

How did you finance this deal?

I used my own cash.

How did you add value to the deal?

I finished the basement with a 2 full bathroom and rec room.

What was the outcome?

The best part was the buyer saying that could see and feel the work that was put into the home.

Lessons learned? Challenges?

Finding contractors you can trust to show up and complete the work. I did a lot of work myself and learned to do things myself. ALso to be able to reuse things that i already there. I replaced the bathroom floor and it did not need replaced.