Riverdale Fix & Flip

[Edward Toomey V]

Investment Info:

Single-family residence fix & flip investment in Roanoke.

Purchase price: $31,500
Cash invested: $28,700
Sale price: $94,500

Small single family home bought as 2 bed 1 bath. Renovated and turrned second living room into master suite including ensuite bath. Updated kitchen and hall bath and refinished hardwoods. I personally refinished all the mortis knobs to add some historical beauty into the house.

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

The asking price left a lot of room for profit.

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

This was a bank foreclosure and we got into a small bidding war with another investor because the price was so under market.

How did you finance this deal?

Hard money investor

How did you add value to the deal?

We converted the extra living room into a master suite and updated the kitchen and bath

What was the outcome?

We sold this house for $94,500 in the selling season

Lessons learned? Challenges?

When you buy a house in December don't rush the renovations because it is going to sit on the market until about April when selling season is underway.

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

Sharon Crenshaw of Wainwright Realtors Roanoke VA

[Edward Toomey V]

We did consider holding it but we had purchased 4 properties in 2 months and needed to refill the cash reserves and this house had the best margins on a resale. This house also was in a historically low income part of Roanoke and would see the least amount of appreciation over time as compared to the other properties we had purchased.