I could HAVE sold it for more but TIME WAS MORE VALUABLE.

[Michael Nugent]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $265,000
Cash invested: $42,000
Sale price: $332,000

Amazing entry level property in the heart of town. 4 bedrooms, 2 full bathrooms, single story, 2-car garage attached, large 6,970 sq. ft. lot. Completely gated. Laundry unit is located in-side the house. Property has had a cosmetic renovation. Roof and windows are only two yers old. This one here will be a "BLACK FRIDAY" special and it will not last at this price

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

I actually felt obligated to help out the sellers. That was my motivation. I know this is business but, I ended up paying them more than I should have. However, I knew the area well and relied on the fact that my amazing wife would help me stage it for a quick sale.

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

The seller contacted me on a postcard I sent out 6 months before we actually met.

How did you finance this deal?

I used my own cash

How did you add value to the deal?

We staged staged this home and made it aesthetically attractive to the eye. We also added an HVAC, new kitchen, appliances and flooring. I also added DG on the back and new sod at front. The windows and roof were new already. I also added some inexpensive bamboo fencing on the chain link fence to add privacy. We use very modern and trendy colors. As always, we emphasize on the kitchen and bathroom.

What was the outcome?

We ended up selling it for way less than we should have, but this was around Nov-Dec of 2018 when the market got a little funky and buyers were not buying. But, I was able to secure a sign call which turned into a double-ended deal (this is when the listing agent finds a buyer and makes a full 6% commission). This deal only pay me $16,000.00 but I was happy to get my money out and throw it at a different financed flip I had going.

Lessons learned? Challenges?

It pays off to not be greedy. Good Karma on this one for sure!!! The only challenge was the funky market we experienced during November and December of 2018.

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

Nope