Cosmetic Fix and Flip

[Gerald Bowman]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $68,000
Cash invested: $90,000
Sale price: $120,000

Closed on the property on October 31st using private funds. The flip was initially supposed to be a 30 day turn around due to minor cosmetic upgrades. Due to small set backs the job took 45 days. The property was listed on December 15th. A cash offer was received early January and closed on the 24th. After closing cost, holding cost, and insurance this ended up being a 27% return on investment.

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

MLS

How did you finance this deal?

Private Money

How did you add value to the deal?

Painted interior and exterior, updated kitchen, and bathrooms.

What was the outcome?

Property Sold

Lessons learned? Challenges?

Never pay a contractor unless you do a final walk-through without him no matter how long you have worked with him.