Updated about 7 years ago on .
Ragley Flip property
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $100,000
Cash invested: $20,000
Sale price: $174,900
The home was going to auction just 2 days after our purchase date, and this was not even known when we purchased the home. It was a 3/2, approximately 10 year old single family home. This was a great learning experience and we hope to do more soon.
What made you interested in investing in this type of deal?
We were looking for rental property but this fit the flip scenario much better.
How did you find this deal and how did you negotiate it?
It was listed on the MLS. We offered full asking price as it was lowered by $30K the morning we placed the offer.
How did you finance this deal?
We used our lines of credit from multiple banks.
How did you add value to the deal?
We gave the property a complete facelift. We had to fix most of the walls, refinished cabinets, installed granite, new light fixtures, and new flooring throughout as well as painted the entire interior. On the exterior, we added new vinyl siding, replaced porch posts, and added landscaping. The home was listed by a realtor and was under contract within 48 hours.