Renovating in York, PA

[Ben Fernandez]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $35,000
Cash invested: $35,000
Sale price: $110,000

Purchased off-market from a tired landlord, this fix-and-flip involved renovating a distressed property with outdated features and deferred maintenance. Upgrades included modernizing interiors, updating plumbing and electrical, and enhancing curb appeal. After staging, it was sold to a retail buyer for a strong profit, demonstrating the potential for significant returns by buying from motivated sellers, renovating strategically, and selling at retail.

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

The property was vacant and to maintain integrity in the neighborhood, the property needed renovation. With the property needing lots of work, I provided a solution to the owner. The return on the investment was worth the time spent on the project.

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

I found this deal driving for dollars. Was able to make contact with the owner to see if he was interested in selling and he was.

How did you finance this deal?

I financed this deal using private/hard money.

How did you add value to the deal?

We created an open concept kitchen to open the space up, added a new rear porch, removing the enclosure and fully renovated the interior.

What was the outcome?

The cash on cash return was 6-8x.

Lessons learned? Challenges?

Interviewing to align the best talent was a challenge due to being very tedious. However, I established many meaningful relationships for those I hired then and later in the future.

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

Yes. I received some referrals from other real estate professionals that I still use to this day.