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Updated about 5 years ago,
Flip South Of Downtown Orlando!
Investment Info:
Single-family residence fix & flip investment in Orlando.
Purchase price: $169,000
Cash invested: $60,000
Sale price: $295,000
This lovely little house located in an A rated school zone just South of Downtown Orlando, was one that my partner and I were able to pick up off market. Our construction crew did an excellent job, helping to polish this diamond in the rough and give it a modern farmhouse look. This house sold with multiple backup offers.
What made you interested in investing in this type of deal?
This was a property that we sourced for our investor clients that we initially, intended to wholesale. Surprisingly, we weren't able to wholesale this deal. Instead, we decided to do the flip ourselves. Since the numbers were awesome on this deal, and it is located in an A rated School Zone we gladly picked this one up.
How did you find this deal and how did you negotiate it?
We acquired this property the an off market marketing campaign. The distressed seller, wanted to get rid of it, and we were happy to oblige.
How did you finance this deal?
We purchased this property using cash.
How did you add value to the deal?
This was a full renovation that required about $60,000. The look we were going for, was modern farmhouse. We opened the floor plan, added a metal roof, restored the gorgeous hardwood floors, reconfigured the bathroom, added a window for natural light, updated the kitchen, and of course a full cosmetic rehab.
What was the outcome?
Sold with multiple back up offers in a very short period of time!
Lessons learned? Challenges?
Get friends that you respect to walk your deals with you. Sometimes other investors can help confirm some of your thoughts and also, give you ideas you might not have thought of. We got some great tips from our friends, like adding another window to the dim master bedroom, plus moving the drain lines and vanity to the other wall of the bathroom.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Our company StoneBridge Groups, helped source this off market property, closed with StoneBridge Title Group, StoneBridge Construction Group did the renovation, and we listed it with our retail brokerage Century 21 StoneBridge Real Estate Group.