Latest Flip in Grand Rapids, Finished, Listed & SOLD.

[Paul Leason]

Investment Info:

Single-family residence fix & flip investment in Grand Rapids.

Purchase price: $105,000
Cash invested: $30,000
Sale price: $180,000

Bi-Level SFH, built in 1999 in a n area of older houses (1900-1950). Cosmetic upgrade, including paint, flooring (3mm Vinyl Plank and carpet), updated bathrooms, painted kitchen cabinets and added Butcher Block countertops. 1 week on market and accepted a Full Price cash offer.
Link to listing: www.PaulLeason.com/19001323

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

The Prooperty was built in 1999, so had a poured concrete foundation, modern breakers and copper plumbing. Vinyl siiding and windows. This was a cosmetic upgrade project with a great format for a student rental. GVSU College is 15min walk away

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

On the MLS. Negotiated with CASH and no inspections and let the Listing Agent know that I was reliable and would close FAST and would work with the seller.

How did you finance this deal?

CASH, working with my investment partner.

How did you add value to the deal?

Cosmetic upgrades with mid-level quality products, in keeping with the neighborhood.

What was the outcome?

A good one! A nice profit for myself and my CASH investor partner.

Lessons learned? Challenges?

Getting the contractors to complete the project on time. Seems like 75% gets done quickly and the final 25% takes just as long.

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

I am the agent and the owner.