Devil is in the DETAILS!!!!

[Ashley Sivils]

Investment Info:

Single-family residence fix & flip investment in Leavenworth.

Purchase price: $70,100
Cash invested: $49,722
Sale price: $156,000

First Flip project! Wow what a learning experience. If I would tell my past self anything it would be THE DEVIL IS IN THE DETAILS!

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

I recently have gotten into the real estate game and this was one of the ways I could make a significant amount of money in a short amount of time. It was also a risk and I love taking big risks and love a challenge.

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

This deal had been floating around for awhile. A few investor clients were looking at it but no one wanted to buy it because the foundation was such an issue. Figured if no one was going to jump for it, I would.

How did you finance this deal?

Got cash from a private partner.

How did you add value to the deal?

We redid the entire home. New roof, new cabinets, granite counter tops, new HVAC, new windows, corrected the foundation, added a patio and redid the shed out back (not sure I needed to do the patio), new flooring, new exterior and interior paint... list goes on!

What was the outcome?

Outcome was WE GOT IT SOLD and MADE A PROFIT!

Lessons learned? Challenges?

The house sold slower than it was supposed to. It sat on the market for 42 days when it should have been gone the first week. There were still minor things to finish but we were impatient and put it on the market anyway. People would go through the home and would see something wrong and then would automatically cross the house off their list. Finally, we went back in finished the details and literally 4 hours later got an offer.

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

I am a real estate agent so I handled that part for my partner and I.