In The Process of a Fix and Flip

[Hunter Laughlin]

Investment Info:

Single-family residence fix & flip investment in Springfield.

Bought a house with my father to strip apart and make into a better living condition and hopefully make some good money. We do the majority of the labor ourselves and are about halfway done with the property.

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

We built a house in a neighboring city and found that money is not really made in the new construction field, so we decided to start renovating instead.

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

I found a realtor to help us look for good deals about a half year prior.

How did you add value to the deal?

We have put in new windows, added new siding, destroyed and replaced kitchen cabinets, fixed and repainted the walls and ceilings, redid the bathroom, and started installing new hardwood throughout the house.

What was the outcome?

Currently halfway through the project.

Lessons learned? Challenges?

In the future, we are probably going to look for cheaper alternatives for flooring and cabinets. The flooring has all been about $3 sq. ft. Although that isn't really high, I've heard of a lot of success lately with the vinyl planks which are cheaper and save a lot of time installing.

BeforeCurrent

[Account Closed]

Originally posted by @Hunter Laughlin:

Investment Info:

Single-family residence fix & flip investment in Springfield.

Bought a house with my father to strip apart and make into a better living condition and hopefully make some good money. We do the majority of the labor ourselves and are about halfway done with the property.

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

We built a house in a neighboring city and found that money is not really made in the new construction field, so we decided to start renovating instead.

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

I found a realtor to help us look for good deals about a half year prior.

How did you add value to the deal?

We have put in new windows, added new siding, destroyed and replaced kitchen cabinets, fixed and repainted the walls and ceilings, redid the bathroom, and started installing new hardwood throughout the house.

What was the outcome?

Currently halfway through the project.

Lessons learned? Challenges?

In the future, we are probably going to look for cheaper alternatives for flooring and cabinets. The flooring has all been about $3 sq. ft. Although that isn't really high, I've heard of a lot of success lately with the vinyl planks which are cheaper and save a lot of time installing.

BeforeCurrent

Congratulations!

You should determine your selling price and start advertising the property NOW. Don't use a realtor yet, and don't put it in the MLS, yet.

Start with Craigslist, Redfin and Zillow and see if you can find a buyer before you are finished. Put up a For Sale sign out in the lawn. You will save a lot of time and money if you do find a buyer on your own. If you find a buyer, you simply have Escrow or a real estate attorney walk you though the paperwork. And if you don't find a buyer you can always hire a realtor and put it in the MLS.