Fix and flip legal basement suite

[James Bailey]

Investment Info:

Single-family residence fix & flip investment in Edmonton.

Purchase price: $248,000
Cash invested: $105,000
Sale price: $427,000

Bought a P.o.s
Full gut renovation and I added a legal basement suite.
Sold it to an investor that purchased another flip from me. He rents it out now for $3200 a month

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

Get your money out fast. Build experience. Get a name for my work. Build a brand.

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

MLS deal!
It only had 2 bedrooms up so we leaned on that for a price reduction. Then we just put a wall In the middle of one of the bedrooms, then there were 3. Ta da

How did you finance this deal?

Private money from local investors

How did you add value to the deal?

Put in 100k Reno

What was the outcome?

Sold for a high profit

Lessons learned? Challenges?

Worry more about the RPR. Worry less about fancy landscaping if it’s going to be a rental property.