Flip completed Grasonville, Maryland

[Ken Nyczaj]

Investment Info:

Single-family residence fix & flip investment in Grasonville.

Purchase price: $64,000
Cash invested: $130,000
Sale price: $290,000

Latest flip complete in Grasonville, MD. Replaced the following- roof, windows, siding, foundation (framing), flooring, walls/ ceilings, kithen and baths. Long, 6 month project but turned out great, was the eye sore and problem property of the neighborhood and we were happy to help the community.

About 30 days into our latest one and are continuing to look for more deals in this current market situation but playing it safe to keep flips around the $300k price range.

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

To help the local community

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

Off a sign, negotiated directly with owner.

How did you finance this deal?

Bank financing

How did you add value to the deal?

Replaced everything

What was the outcome?

Great opportunity to learn and make some money while doing it.

Lessons learned? Challenges?

Projects can take longer than expected when replacing everything.

[Ken Nyczaj]

@Joe Norman no basement but up on a foundation with about a 30 inch crawl space. The entire framing underneath was rotted and damaged from termites. We replaced 100% of it- main beam and the joists. Shored up some of the piers. We were fortunate it had this amount of damage, it greatly reduced the competition.