Flip to Flop(ish) 1 year flip

[Angelo Aguirre]

Investment Info:

Single-family residence fix & flip investment in Portage.

Purchase price: $53,000
Cash invested: $56,000

This was a 6 month estimated project that turned into 1 year, and still going. But it is now on the MLS!

How did you finance this deal?

Hard money

How did you add value to the deal?

Rehab

What was the outcome?

On the MLS NOW :)

Lessons learned? Challenges?

Vet out the contractor!

[Angelo Aguirre]

**Update**

The buyer backed out of the sales contract when the roof (previously deemed good by contractor) came back that they are asbestos tile and needs replacement. Looking at a $10-15k repair. Time for Plan B...BRRR(R)!

Currently working to refinance this loan, currently at 56% ARV, to about 68% ARV so I can get the roof fixed. At this new mortgage, the rent will be at a 0.96%. I'll be about breaking even after all PITI & Expenses are paid.

I’m pretty excited that, even with all of these hurdles ($30+K over in rehabs + $15k roof replacement), at the end of the day, when rented out, I can still call this house an asset. Time is only on my side at this point!