2nd Successful Fix and Flip

[Michael O'Sullivan]

Investment Info:

Single-family residence fix & flip investment in Mobile.

Purchase price: $31,000

Cash invested: $55,000

Sale price: $115,000

2nd flip. 3/2, 1300 sf. Had water and termite damage. Great learning experience.

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

I'm looking to make money, and it worked out here. I also do not yet have the cash on hand to purchase and fund my own deals so me and my husband were happy to make our lender money in the process.

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

My real estate mentor found it via online marketing and I did the negotiating. The seller originally sold it with owner financing years ago. However, his buyer quit making payments and he foreclosed on it.

How did you add value to the deal?

Short of tearing out all the sheetrock, we did everything all new.
*new roof
*interior and exterior paint
*new flooring
*updated electrical system
*opened up doorway between dinning room and living room
*all new kitchen (cabinets, stainless steal appliances, granite countertops)
*trendy board and batten window shutters
The top selling points were the beautifully tiled bathrooms and kitchen backsplash.

What was the outcome?

The house only spent a week on the MLS before it was sold in a multiple offer situation.