Foxhaven Flip, Gloucester VA

[JM Payne]

Investment Info:

Single-family residence fix & flip investment in Gloucester.

Purchase price: $98,500
Cash invested: $26,401
Sale price: $175,500

VA foreclosure fix and flip, first time deal. SFR, 3 br 1.5 bath, 1 acre, 1100 sq ft. Mostly cosmetic/updating, although inspections turned up low water pressure in the well and a seized compressor in the HVAC unit. Have been able to fix both issues ourselves, saving considerable amount of money, and are leveraging sweat equity. Intended on-the-market date is 1 Mar 2019.

Update: Never went to the market. Sold the house to a retail buyer off the market.

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

MLS, toured the house during a hurricane so we had it under contract at ask before anyone else could even tour.

How did you finance this deal?

Cash from HELOC on another property, then interest free promotional discover card.

How did you add value to the deal?

Rehab

What was the outcome?

Cash money in my pocket.

Lessons learned? Challenges?

Tons of lessons learned. I am happy to discuss further with anyone who would like to reach out to me.

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

Yes!

Buying Agent: Vince Campana, C&W Real Estate
Selling Agent: Toby Jordan, Liz Moore Real Estate
Rehab Management: Virginia Payne, Liz Moore Rentals