Single-family residence fix & flip investment in Amissville

[Ross Cornwell]

Investment Info:

Single-family residence fix & flip investment in Amissville.

Purchase price: $172,000
Cash invested: $60,000
Sale price: $330,000

Second fix n flip

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

This deal came from a local Uber driver. He picked up my contractor after a night out and was explaining he needed to sell his home quickly and it needed a renovation. When I contacted the owner he originally wanted $190k, We went under contract at $180k with a short study period. During the study period we found some underlying issues and were able to knock another $8k off the price.

How did you finance this deal?

Hard Money Lender

What was the outcome?

7 days on market and $60k net profit.

Lessons learned? Challenges?

The renovation here took much longer than expected. My main contractor was going right into high season and was a bit unresponsive. I was not checking progress as much as I should have and the timeline stretched out, increasing the carrying costs.