Flip near Jackson Michigan

[Korey Rowlson]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $80,000
Cash invested: $24,000
Sale price: $140,900

The cash invested is not including closing costs, or the cost to us on the taxes at the end of the year.

The home was on a full walkout basement with an attached garage and had a bad upstairs floor plan. We reworked the floor plan, installed new drywall upstairs, painted, new flooring up and down, new crown and baseboard throughout, and did repairs as needed in the home. The home was in a great area with a highly sought after private lake which really helped with the sale of the home. At our asking price we ended up with tons of people at the open house, and multiple offers.

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

The home had a large floor plan with the finished basement and the attached two car garage. There were some cosmetic things and floor plan issues that we knew how to address. Those items really helped the home turn into a great value.

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

I found the deal on the MLS and purchased with the help of a Realtor. During the flip of this home, I became a Realtor and sold it as my first listing.

How did you add value to the deal?

We removed the lower quality manufactured home drywall, opened the floor plan up some, and I installed all new drywall throughout the first floor. Then we added new crown, new baseboard, new flooring up and down, and finished off a bathroom in the basement. We also installed a ceiling in the basement as previously it was just open to the bottom of the manufactured home.

What was the outcome?

A great profit margin, and a strong start to a new Realtor career.

Lessons learned? Challenges?

Found out more about doing your basic plumbing, tracking down leaks, and repairing them.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My previous agent works with me as my Mentor at Exit Realty 1st. I would recommend working at Exit, and would love to sponsor in anyone who is looking to change or grow their career options.