Renovation reality!! Quickest re-sale in my portfolio to date.

[Debora L Griffin]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $75,000
Cash invested: $35,000
Sale price: $150,000

Some renovation had occurred by another investor who had taken advantage of the homeowner. We were able to come in and help the homeowner by paying cash and letting her move on.

We used rustic open shelves and a rustic wall feature to add style to the 3/2 ranch house, had to completely build in most of the kitchen, replaced the flooring in the living/dining room only and painted the entire house. The tiles in the hall bath were retro pink and we gave them a completely new look.

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

I love to make houses beautiful and efficient. This was the house that also kicked off our staging company.

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

Wholesaler called me...in fact, two wholesalers both thought they had it under contract. Homeowner unknowingly committed to two different people. Fortunately, both of them called me and we were able to work things out.

How did you finance this deal?

I joint ventured with another investor and we had enough cash between us that we paid cash.

How did you add value to the deal?

Completed the kitchen renovation, adding a pantry, refrigerator surround and a laundry room.

What was the outcome?

Sold quickly, for a profit.

Lessons learned? Challenges?

This project helped me find my niche and the quick turnaround formula. Challenges? Same one I always have...overrenovating.