1st Single Family Flip

[Kevin Myhre]

Investment Info:

Single-family residence fix & flip investment in Plainview.

Purchase price: $330,000
Cash invested: $30,000
Sale price: $430,000

Went into this property with the intention to dormer the existing home. It took me about 8 months to obtain a permit/variance! During that time I had a tenant in the property covering my holding costs. I decided to list the property with the approved set of plans (prior to starting construction). It sold in 2 days!

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

In this area, most of the houses are very similar. I noticed that a lot of the houses were either being built up or knocked down and rebuilt. I simply followed the trend and purchased the property with the intention to build up.

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

I found this deal from a wholesaler at a local REIA.

How did you finance this deal?

I purchased the property with cash.

How did you add value to the deal?

The house was move-in ready so I painted and went through the approval process with the town. During the year that I owned this property the value of homes in the area appreciated faster than I anticipated.

What was the outcome?

The outcome was a nice profit with very little work.

Lessons learned? Challenges?

The tenant that I had in the property would not leave after the 6-month lease expired. They were searching for a house to purchase but never found one. My realtor was amazing and managed to help find this tenant a home in 2 months! Luckily, the timing worked out where the tenant moved out 4 days before the new homeowner moved in!

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

I worked with Matthew Sullivan from Realty Connect. He went above and beyond to help my tenant find a home while also selling this house for me. I highly recommend working with him whether you are an investor or homeowner.