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Updated over 5 years ago,

User Stats

10
Posts
4
Votes
Stacy Woodford
  • Investor
  • Columbus, OH
4
Votes |
10
Posts

4476 Errington Drive | 3rd Fix & Flip

Stacy Woodford
  • Investor
  • Columbus, OH
Posted

Investment Info:

Single-family residence fix & flip investment in Columbus.

Purchase price: $10,000
Cash invested: $57,500
Sale price: $90,000

This house was distressed and a home many cats (you could tell when you walked in).

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

I was interested in this deal because it was less intensive than the previous two houses I had flipped up until that point. Having no fire damage made for a much smoother rehab process.

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

This deal was a referral from another investor who was unable to take not he deal himself.

How did you finance this deal?

I pad cash for the house and labor and financed the materials with credit cards.

How did you add value to the deal?

All the value was added to this deal by renovating the entire first floor. We added hardwood flooring, granite countertops and added new HV/AC along with all the regular cosmetic repairs (paint, landscaping, etc).

What was the outcome?

The house sold for as much as we thought it would, but less than it could have. This house sold fro $90,000, but a similar style house in the same neighborhood sold one week after this one for $15,000 more.

Lessons learned? Challenges?

Don't be afraid to push the market when you've done the work to justify it. Perhaps you may have to wait a few more weeks, but it's likely worth it for %15 increase in purchase price.