Boonsboro Flip: Lynchburg VA

[Acree, Mark]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $100,000

Cash invested: $40,000

Sale price: $199,000

This was our very first flip. On this project we decided we would do the vast majority of work ourselves. Biggest takeaway from it all was the confidence that its given us to tackle more flips. No one is 100% confident in what they are doing, so it's best just to take action and get started. We were thrilled with how everything turned out.

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

We were nervous about doing a flip property at first (mainly because we had only done rentals before). However, we really wanted to get our first flip under our belt, and when we walked through the property we knew it would be a great one to get us started.

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

Found this deal the same way we find a lot of our deals, by calling through the neighborhood. The previous owner had inherited the property and had a tenant that had really torn it up. He was more than willing to work with us, and we were able to come up with a deal that worked for both parties.

How did you finance this deal?

We were able to offer all cash on the deal with a financial backer.

How did you add value to the deal?

We took care of everything for him. Made sure that he didn't have any headaches pop up that would require him to do a lot of work.

What was the outcome?

Love the outcome of this investment. We were able to completely transform a house, and we made some money in the process.

Lessons learned? Challenges?

It's good to do research, and make sure you aren't making a foolish decision, but at the end of the day you have to take that first step.