Current Project-Center Point Market Flip

[Maura McGraw]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $58,000

548 Karey Drive, Center Point AL is a single family home that contains 1,637 sq ft and was originally built in 1970. It contains 3 bedrooms and 2 bathrooms and is located on .39 acres. The house is currently being completely renovated and updated. The property has a new HVAC, up-to-date electrical, new LVT flooring throughout, new bathrooms, a new modern kitchen with granite countertops, new paint throughout, and new landscaping.

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

The location and price made this deal very appealing.

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

I found this deal through an agent/wholesaler who I had done a few deals with in the past.

How did you finance this deal?

Our bank line of credit and we partnered with the contractor on the rennovation.

How did you add value to the deal?

We are currently finishing up a full rennovation of the property.

What was the outcome?

We are going to put the property on the market next week.

Lessons learned? Challenges?

The big lesson that I learned on this project was to always double check the FEMA flood zone map before purchasing the property. The right corner of this property's basement is in a flood zone, which makes this house less desirable to some. Because we purchased the property in cash, this did not come up when closing. I tried to have a surveyor come out and get the property removed, but that did not work out. #lessonlearned

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

Danny Gonzalez will be the selling agent for this house.