North Hills Fix & Flip

[Cynthia K McWilliams]

Investment Info:

Single-family residence fix & flip investment in North Hills.

Purchase price: $550,000
Cash invested: $25,000
Sale price: $650,000

Large open floor plan, 3bdrm, 2 bath with huge bkyd and 2 car garage on a corner lot in nice neighborhood with tree lined streets.

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

Wasn't sure if I was going to stay in the home or not, but decided that with a little money into it, it would probably sell very well.

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

Cathy Waters - Keller Williams Realty

How did you finance this deal?

VA loan through my (now ex) husband

How did you add value to the deal?

Fresh paint throughout, added landscaping to front yard, leveled yard in back, added sod and fixed fence to create better entertaining space, designed and upgraded main and guest bath.

What was the outcome?

Sold it for 100k more than I bought it for. But spent about 35k total on repairs (chose a lot of high end materials) 7.5k for bath 1, 11k for bathroom 2, 8k for backyard, 2 k for paint, 6k for front landscaping and main city line plumbing issue.

Lessons learned? Challenges?

I would have held onto it a little longer. We had several offers before even putting it on MLS. Only 6 months later the whole neighborhood's median home value went up another 50k. I would've waited to sell in the Summer when there were more buyers.

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

Cathey Waters - Keller Williams Realty
Genaro Chang - general contractor ( he was only working for the contractor at the time, but is a contractor now...he and his team did all the work)