First Luxury Flip (almost lost my shirt)

[Andrew Campbell]

Investment Info:

Single-family residence fix & flip investment in Kathleen.

Purchase price: $255,000
Cash invested: $37,000
Sale price: $302,000

First "luxury" flip.

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

Had a few deals under my belt and decided to tackle something much larger and test my abilities as a craftsman and manager.

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

MLS. Bought remotely as I was moving to the area on orders. Negotiated through an agent.

How did you finance this deal?

VA loan, as it was going to be my primary home during the rehab.

How did you add value to the deal?

Full gut. Took down walls to open up space in the master bath. Trenched slab for new plumbing runs, tile and wood flooring throughout, scraped/smoothed ceilings, paint, moulding, quartz counters, framed/built custom showers, marble backsplashes, artistic tilework, etc...

What was the outcome?

A house I was truly proud of turned bad. Unfortunately a divorce forced me to sell it off market well under value. 10k profit.

Lessons learned? Challenges?

We were falling far behind schedule, cabinets needed paint finishing. Our painter was on another job. We decided to hire someone off craigslist...I think I just heard you scream. I know. As you can guess, it only put us further behind schedule; 2 weeks to be exact, to undo their work, prep/prime, and finally finish.
Only hire people with solid references that live up to the quality of your product!!