Overcoming Setbacks: Renovating a Challenging MLS Property for Profit

[Ben Fernandez]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $68,000
Cash invested: $70,000
Sale price: $195,000

I purchased a long-term rental property from the MLS that had multiple contractor issues and significant delays. Despite facing setbacks, including a year-long renovation process, I tackled the repairs, improved the interiors, and addressed all concerns. In the end, the project was completed successfully and sold for a profit. This experience proves that even with challenges, strategic renovations and persistence can lead to a profitable outcome.

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

I didn't think I would find a deal to begin before the end of the year. But I found one on the MLS through an awesome realtor.

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

I worked with a realtor to help me find this one.

How did you finance this deal?

Cash

How did you add value to the deal?

We had to replace 90% of the electrical, created an open concept, primarily all new drywall, new boiler, new roof, etc. It ended up a beautiful property.

What was the outcome?

We sold to a couple which was their first home.

Lessons learned? Challenges?

When you see red flags, adhere to them even if the prior relationship has been good. This was the worst project I’ve ever done. It should have been 2-3 months and I was in it for 7 months renovation and then took almost 4 months to sell. We hit the first shift of becoming a favorable buyers market.

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

Yes. I’m open to share my referrals to any who’d like to know.