Single Family House Line In Flip

[Tyson Head]

Investment Info:

Single-family residence fix & flip investment in Vernon.

Purchase price: $312,300
Cash invested: $70,000
Sale price: $445,000

Picked up a foreclosure house that were were planning on using as a live in flip. It was a 5 bedroom, 3 bathroom single family house on 1/2 acre of land. This house was highly neglected and had water leaking into the house in two locations and the doors and windows would not open or close fully in the two front bedrooms. My wife and I moved in and had to do something with every surface in the house. Fixed the leaking chimney, rebuilt the front deck that was sloped towards the house bringing water into the stairwell. We also had to reinstall a new post in the two car garage and lifted it by two inches, this took the pressure off the bedrooms above and the the doors and windows started to work again. All new appliances, furnace and hot water tank. Took truck load after truck load of junk to the land fill. Hours of landscaping and we had a very respectable place to call home, for someone else.

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

Sweat equity, DIY and add value.

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

MLS, Foreclosure

How did you finance this deal?

Bank Mortgage for the initial purchase and cash for repairs.

What was the outcome?

Sold it and used the profits to purchase two condos.

Lessons learned? Challenges?

I like renos, loads of work, amazing opportunity to make money, with proper assessment things can work out amazing!

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

Just my real estate agent