Second Fix and flip property

[Evan McCourt]

Investment Info:

Single-family residence fix & flip investment in Linwood.

Purchase price: $123,500
Cash invested: $47,645
Sale price: $219,000

We purchased this single family 3 bedroom 1 bathroom home in November 2017 and completed a pretty large renovation. We resided the house, replaced the HVAC system, renovated the entire kitchen and bathroom, refinished the hardwood floors, poured a new concrete porch in front, repainted the house inside and out and redid the landscaping. Having only 1 bathroom in the home made it sit on the market a little longer than we had anticipated and it was a huge lesson learned moving forward.

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

Good school district.

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

Auction

How did you finance this deal?

Conventional mortgage.

How did you add value to the deal?

Kitchen and bathroom renovations were the biggest value add on this property. New siding is also a great investment that usually offers a high ROI.

What was the outcome?

Good profit but a lot of lessons learned. This was our first partnered flip and home with only one bathroom, so we learned a lot on both matters.

Lessons learned? Challenges?

Homes with only one bathroom are difficult to sell no matter how nice they are.

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

Ebony Maisonet realtor with ERA statewide. She is my wife and an excellent investment property realtor. She has made several connections with different entities to get off market properties throughout the state of New Jersey.