Long Term Buy and Flip

[Daniel Spalding]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $238,000
Cash invested: $10,000
Sale price: $437,500

Completely remodeled this single family house mostly by myself. I had some contractors help with specialty items such as HVAC. Other help came from family and friends. I added 194 sf to the property with an additional bathroom added. i expanded the master bedroom and added a master walk in closet. i added a 200 sf deck and put in french doors from the dinning rm to open up the space to the back yard. I completely redid the back yard landscaping putting in a retaining wall, irrigation and lighting.

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

Location and Price

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

On MLS. Condition of the Property and the property sat on the market for a long period of time. I was the third person to try and purchase the property.

How did you finance this deal?

FHA with a 3% down payment

How did you add value to the deal?

Remodeled the whole house and added a second bathroom

What was the outcome?

Sold it over $200K from the original asking price. Stayed there 3 years didn't have to pay Capitol Gains taxes.

Lessons learned? Challenges?

Don't fix everything and don't put $400 toilets in a house you are going to sell