Historic Litchfield Park Fix & Flip IN PROCESS

[Jennifer Daniels]

Investment Info:

Single-family residence fix & flip investment in Litchfield Park.

Purchase price: $235,000
Cash invested: $1,000

Flip in progress. Highly desired area. 2/2 1847 sq ft, pool two-car garage. Closed off floor plan. Removing walls and remodeling the kitchen, both baths, new flooring. Electrical, paint interior and exterior. Landscaping refresh.

Total rehab budget: $30,000
Estimated Sales Price: $315,000
Estimated profit after expenses and holding costs: $30,000

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

Location of the property and level of rehab.

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

Real Estate lead wanted to sell with no hassles and quick. It was tenant occupied.

How did you finance this deal?

Private lender 100% financing on the acquisition. All interest paid at closing. Approx $7,000k cash to me at closing for rehabbing costs. The remaining rehab costs are funding by my LLC.

How did you add value to the deal?

Cosmetically changing the layout of the kitchen and opening up the floorplan.

What was the outcome?

Still in process

Lessons learned? Challenges?

Leased Solar. I generally do not like solar but the lease payment on this property is $119 month. My largest electric bill has been $12.00 Roof inspector did not do a great job this time. SO I will be obtaining two roof inspections prior to buying.

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

I am a licensed agent. Used a trusted private lender.