The Moldy Fiasco #WeFlipSLO

[Ben Tilbury]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $450,000
Cash invested: $140,000
Sale price: $710,000

-Mold Infested Flip
-4 Bed
-2 Bath
1380 sqft

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

We saw a way to help out the seller in a time of need and there was a large value add play for someone who had the money and experience to take care of the major leak and mold issues.

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

Cold Calling and just worked closely with the buyers over a few months to figure out what worked for them and then came to a handshake agreement.

How did you finance this deal?

Traditional Financing and a lot of cash.

How did you add value to the deal?

Mold remediation and full renovation of the interior, exterior, and landscaping.

What was the outcome?

Sold in 7 days with multiple offers for $35,000 over asking price.

Lessons learned? Challenges?

Went over budget because we hand a lot of custom additions to make it unique and stand out.

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

I am a realtor and investment specialist. Feel free to contact me, always looking to network and/or partner with like minded individuals.