Rental turned into Transitional Beauty

[Michael Steward]

Investment Info:

Single-family residence fix & flip investment in Mechanicsville.

Purchase price: $185,000
Cash invested: $60,000
Sale price: $305,000

Great neighborhood, but had been a rental for 10 years. Replaced roof, windows, 2.5 baths, full kitchen, new carpet in bedrooms, hardwood look vinyl in entire first floor, landscaping and power washing.

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

Great neighborhood

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

MLS for 240,000. I used the calculators available to me on BP, found the number that made sense, made that offer. Seller accepted and we closed in 30 days.

How did you finance this deal?

Private money

How did you add value to the deal?

My father and I did all the hard work except roof and windows.

What was the outcome?

Looking for another deal now!

Lessons learned? Challenges?

Time management is extremely important!