First Flip Insights: 1272 Lakins Rd, Etna

[Jason Edwards]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $145,000
Cash invested: $60,000

Fully renovated 4-5 bedroom ranch on 3.3 acres. Updates include a new septic system, wall-hung boiler with radiant heat, and a remodeled kitchen with new appliances and an island. Features a versatile layout with potential for office or hobby spaces, and a primary suite with a double vanity bath. Conveniently located near major routes, this property blends modern amenities with rural charm close to Etna Pond.

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

I chose to invest in 1272 Lakins Rd, Etna, due to its potential in a growing market. The property offered a balanced investment opportunity—enough to significantly enhance its value through renovations, yet manageable in scope and cost. This deal aligns with my strategy of adding value and achieving robust returns.

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

I discovered this property through an acquaintance when it was nearing the end of pre-foreclosure. Initially, I had listed it and found a buyer, but the deal fell through when the buyer had to back out. To support my seller and seize a valuable opportunity, my business partner and I decided to purchase the property ourselves.

How did you finance this deal?

My business partner and I financed the deal for 1272 Lakins Rd entirely with cash, covering both the purchase and all renovation costs.

How did you add value to the deal?

To add value to the property, we undertook extensive renovations including the removal of over 40 yards of trash, installation of a new septic system and wall-hung boiler, and a new well pump. We also updated the entire flooring, renovated the kitchen with new appliances, overhauled both bathrooms, and added new washer and dryer units. Further enhancements included constructing a back deck and repainting the interior to modernize and enhance the home’s appeal.

Lessons learned? Challenges?

This flip at 1272 Lakins Rd, Etna, was a learning experience as it was the first for my business partner and me. We decided to outsource major tasks such as septic installation, plumbing, heating, and carpentry, while handling smaller projects ourselves—a decision that proved beneficial. One key takeaway for future projects is the value of hiring professional painters. The biggest challenge we faced is the property's proximity to a railroad, which has proven to be an impediment to the sale.

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

As a licensed Real Estate Broker in Maine, I managed the acquisition and renovation of 1272 Lakins Rd, Etna, leveraging my expertise and industry knowledge. While I did not work with other agents or lenders for this particular deal, my professional experience ensured a smooth transaction and effective project management.