Fix and flip in Woodlawn MD

[Ruth Lyons]

Investment Info:

Single-family residence fix & flip investment in Woodlawn.

Purchase price: $112,000
Cash invested: $18,250

3 Level Townhouse needed cosmetic work and some plumbing and electric. Closing 11/8 for 109,900 less $10,000 seller help. Although the flip was done end early August, we have to wait 90 days until settlement because buyer is using FHA (flip rule with FHA financing).

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

Good profit margin, cosmetic mostly so quick turnaround

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

MLS, I knew it would go fast. It came on the market Thursday, I went to see it Friday. Offer accepted on Sunday.

How did you finance this deal?

HELOC on primary residence

How did you add value to the deal?

Bath and kitchen upgrades mostly. Completely repainted and refloored.

What was the outcome?

Going to settlement on 11/8 with nice profit.

Lessons learned? Challenges?

Inept inspector caused some drama.

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

I am an agent.