Finally Completed Our First Flip in Rochester, NY

[Shane W. Chapin]

Investment Info:

Single-family residence fix & flip investment in Rochester.

Purchase price: $63,000
Cash invested: $43,000
Sale price: $139,900

This is a 3 Bed 2 bath ranch style home. I am using the BRRRR method with this property. We are currently rehabbing the property and hope to be rent ready by April 1st. I will update this deal once we shake out the refi to see how much, if any, capital I have to leave in the deal.
UPDATE: Due to market conditions and my level of rehab on this property, we have decided to flip the house as opposed to renting it. I will update some pictures and final sale price once it is sold. You can see photos on my FB and IG pages.

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

This wasn't the type of investment I was looking for. I had set out to find a multi family property when this deal was brought to us. I have been reading/listening/educating for quite a while and just wanted to dive in and get our first deal done.

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

This was brought to us by an agent we had been working with. I fumbled my way through the walk through, estimated repairs on my own based on no experience other than our primary home. Made the offer I felt was fair for the condition and the market and after a few back and forth discussion's, we were able to agree and close.

How did you finance this deal?

I used a local community bank. We put 20% down and financed with a portfolio loan. We used personal funds for all of the rehab.

How did you add value to the deal?

There was a dining room that we ended up building in to a fourth bedroom due to the size of the kitchen. Replaced every window, new high efficiency furnace. All new plumbing, faucets, fixtures, switches, flooring, landscaping..etc

What was the outcome?

Due to current market conditions and the level of rehab we performed, we are putting this house on the market. I plan on taking the profits from the sale and looking to move in to a commercial multi family property. My wife is a real estate agent with KW and will be listing this house on Wednesday 9/25. I will update this post if anything should change.

Lessons learned? Challenges?

So many lessons..so many challenges. This was the best education so far. We learned a lot about ourselves as individuals and as a family. I talked to our 10 & 8 years old daughter's though the whole process of why Daddy was doing what he was doing so I hope they learned a few things as well. I picked up a few skills and tools along the way that will help me in the future and I am excited to find my next opportunity.