Bought it, fixed it, lived in it, flipped it.

[Account Closed]

Investment Info:

Single-family residence buy & hold investment in Prince William.

Purchase price: $135,000
Cash invested: $100,000
Sale price: $305,000

Single family home in a dense populated blue collar neighborhood. When I found it, it needed lots of cosmetic upgrades but it had very good bones. I think I spent 6-8 months fixing it. Lived there for a couple of years while working on other projects. Sold it in 2015

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

I'm familiar with the market in this area, did my research and ran the numbers.

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

Driving around the neighborhood.

How did you finance this deal?

City bank and own cash.

How did you add value to the deal?

Complete renovation of the house. New kitchen, bathrooms, laundry, paint, trims, floor resurface, land scape.

What was the outcome?

Brought the house from the 60s-70s dated looks and in need of attention to a contemporary, functional, bright and enjoyable place to live.

Lessons learned? Challenges?

After a heavy rain weekend the basement got flooded. We just finished installing engineered hardwood floor a week before which got damaged severely. It didn't occur to me to make sure the sum-pump was working properly, well It wasn't!
I replaced the sum-pump and installed porcelain tile throughout the basement, just to make sure.