First Fix and Flip in Anderson, SC

[Garrett Olsen]

Investment Info:

Single-family residence fix & flip investment in Anderson.

Purchase price: $99,500
Cash invested: $46,000
Sale price: $199,000

1700sqft 3/2 single family home. I Purchased the home for $99,500 off market from a women that lives in Costa Rica, she obtained the property from an inheritance. The house was full of dog feces and needed to be completely redone.

Things that were done:
-Flooring
-New walls
-Roof
-New kitchen
-New master bathroom
-Vapor Barrier
-Tree Trimming
-Paint

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

This women lived in Costa Rica and now had a home in SC from an inheritance, she needed a way out and I obtained a killer deal from this.

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

A fellow coworker. I negotiated with my realtor from $140,000 down to $99,500.

How did you finance this deal?

Home equity line of credit

How did you add value to the deal?

everything in the house was redone

What was the outcome?

Avery successful flip and a great learning experience.

Lessons learned? Challenges?

Your time line will always be longer then expected. Also, really follow the 70% rule because the amount of money you put into a property will always be more then you think.