My first flip in Valrico

[Jerry Van Slavens]

Investment Info:

Single-family residence fix & flip investment in Valrico.

Purchase price: $195,000
Cash invested: $28,000
Sale price: $265,000

4 bed, 2 bath, 1874 sqft, Single family pool home in Valrico

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

This is a decent area, desirable rental area, no HOA, several knockdown re-builds close to the community. The property had a new roof (2yrs), new HVAC (1 yr), re-piped plumbing within the past 10 yrs. It was mostly a cosmetic renovation.

Link to pictures https://properties.myhouselens...

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

The seller is a client, she has been looking to sell and move into something newer for over a year. When she asked me what she could sell it for I offered to buy it thinking originally it could make a good rental.

How did you finance this deal?

I have a fix-flip line of credit.

How did you add value to the deal?

I originally wanted to keep this as a rental. After looking at the numbers I knew that I could make a little money if I did the renovation right. I resurfaced the pool, removed a wall separating the kitchen from the living room. This completely opened the space and let the light flow through. I expanded the master bath to add a double vanity, I removed all the drop bulkheads to elevate the ceilings. New paint, new tile floors, new carpet, painted the kitchen cabinets.

What was the outcome?

I sold the property at full price in 4 days. I made a small profit, less than I wanted but still a win.

Lessons learned? Challenges?

The real ROI with this flip was the experience and education I walked away with. 1- Financing costs and loan interest eat up profit so move as quickly as you can. 2 - Commit to a plan going in and stay with it. I had too many decisions in the air and it caused delays. 3 - I learned what my limitations were with this flip, what I enjoy doing and what I will sub out in the future. 4 - TRACK EVERY DOLLAR!

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

I used Finance of America for the Fix and Flip line. Im a realtor myself so I totally recommend using ME!