Wilmont Ave FIX&FLIP

[Edward Toomey V]

Investment Info:

Single-family residence fix & flip investment in Roanoke.

Purchase price: $56,000
Cash invested: $32,500
Sale price: $117,900

Fix and filp in NW Roanoke that took to long because we decided to do most of the rehab work ourselves to "save money"

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

Low purchase price foreclosure in a middle class area with quick resale potential.

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

MLS and offered cash with quick close

How did you finance this deal?

Hard money lender

How did you add value to the deal?

Full updated including remodeled kitchen and baths, refinished hardwood, painted the house, and replaced old windows.

What was the outcome?

Purchase $56,000 rehab $32,500 and sale for $117,900 after closing costs of about $9,500 net gain was $19,900

Lessons learned? Challenges?

Doing the work yourself doesn't save money it only adds time and headaches. You have to pay yourself for your time.

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

Sharon Crenshaw Wainwright Realtors