Flip in a great neighborhood on house that was ~ 50% done

[Harvey Yergin IV]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $138,000
Cash invested: $25,000
Sale price: $226,000

Contributors:
Joshua Hively

Solid house in a beautiful neighborhood on the West side of Columbus, OH. Great price from another wholesaler in our market.

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

The size of the margin

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

My partner found this deal. He has a duplex in the same neighborhood and is a very active and well-known member of our local RE Investor community. The wholesalers who had this property reached out to Josh because they knew he had a rental around the corner. Again, they initially took another offer. Wouldn't you know, that offer fell through! And there we were! :)

How did you finance this deal?

Hard money loan

How did you add value to the deal?

Completely the flip. Flooring, paint, counter tops, back splashes, bathroom updating, fixtures and other finishing touches.

What was the outcome?

Sold it for $226,000

Lessons learned? Challenges?

Be on site at your project frequently. Things will always go wrong. Things will go VERY wrong if you're not around to help guide your team through challenges and obstacles.

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

Lending Home.