Modern Townhouse Flip close to $$$ Homes - Central Florida

[Hilary Stalder]

Investment Info:

Single-family residence fix & flip investment in Altamonte Spg.

Purchase price: $102,000
Cash invested: $20,000
Sale price: $169,000

Large kitchen renovation and guest bathroom renovation. Overall updates including new paint, carpet, doors, door hardware, and trim. Lived in the house during the renovation to avoid capital gains tax.

Kitchen - took down wall to make open concept to dining and family room
2nd bathroom - full renovation, new marble, fixtures, toilet, etc.
stairs - replaced carpet with hardwood
New paint, doors, trim and hardware throughout

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

This was my first home. I knew I wanted to take on a renovation and this was a great first deal!

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

At the time I only wanted to own a property. This was the best property I could find that I could afford in a good area, just a stone's throw away from a VERY upscale area.

How did you finance this deal?

FHA 30 year loan

How did you add value to the deal?

Complete renovation, see details above.

What was the outcome?

I made a lot of money on this deal. I walked away making about $30k after fees.

Lessons learned? Challenges?

I realize now that I timed the market really right on this. Although I made money I spent money that I didn't need to: hardwood stairs and marble in bathroom. I loved the outcome of this property, but will not make the same mistake of overspending on finishes. I was lucky to time the market right and walk away with such a good profit.