Fix and Flip Single Family Residence

[Nicole Greene]

Investment Info:

Single-family residence fix & flip investment in Blue Springs.

Purchase price: $80,000
Cash invested: $38,000
Sale price: $160,000

This was a single family residence, 4 bed/3 bath that had not been properly cared for in over 25 years.

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

It was an opportunity that fell into our laps and we saw it as a way to pay off all our debts and get ahead, so we went for it! We knew we would love real estate and we were right.

How did you finance this deal?

My father-in-law owned the home and he held onto it while we flipped it. He took his portion at the end and paid us the rest. We used credit cards, most with a 0% APR for the majority of the flip, and opened a HELOC against our current personal home for $20,000.

How did you add value to the deal?

We took this house and basically gutted it, it was full of trash and personal belongings. We replaced the roof, all flooring, bathroom vanities, fixtures, trim, painted kitchen cabinets and moved them around, hardware, toilets, half the siding, tons of yard work and cutting out weeds the size of trees, new paint inside and out, built a wood plank wall and made a faux beam in the master bathroom out of a poorly designed wall that was hanging down. We also replaced the deck in the back.

Lessons learned? Challenges?

Don't do everything yourself, hire out as much as possible! It takes so much longer to do it yourself, and it won't be professional quality.

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

Yes! Just DM me for my realtor's name.