Completed Renovation/ New Construction Project

[Brandon Sturgill]

Investment Info:

Single-family residence fix & flip investment in Columbus.

Purchase price: $89,900
Cash invested: $34,000
Sale price: $165,000

Fire-damaged property qualified for a new construction loan, so reno costs were 100% reimbursed by the lender. We just worked on a draw schedule and fronted reno costs until each construction stage was finished. There was another property used as collateral which was refinanced when this sold. Their was a partial lien release discretionary to the lender and we walked with around $50k for mainly finance and holding costs as our only out-of-pocket expense.

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

We were doing a lot of flips when it seemed to make sense...we're strictly buy-and-hold now

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

MLS-listed and languished on the market

How did you finance this deal?

Portfolio lender/ Own cash

What was the outcome?

Walked with $50k with our only out-of-pocket being costs to finance the deal

Lessons learned? Challenges?

Flipping houses is silly.