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Updated almost 5 years ago on . Most recent reply
Second Flip - Platte City, MO
Investment Info:
Single-family residence fix & flip investment in Platte City.
Purchase price: $72,000
Cash invested: $2,000
Single Family House built in 1888.
3 BR
1 BA
What made you interested in investing in this type of deal?
I have a soft spot for old houses. This house from 1888 was tempting based on it's age and the amount of original pieces that existed, along with the potential to modernize it.
How did you find this deal and how did you negotiate it?
My friend and real estate agent that found it before it hit the MLS. I had just told her that I would be buying up properties to flip and the got right on top of the situation, looking for properties that I might want.
How did you finance this deal?
Hard Money - 12%
How did you add value to the deal?
New Kitchen, New Bathrooms, Increased Square Footage Upstairs to Build Out Giant Bathroom, New Windows, Refinished Original Hardwoods, New Roof, New Paint
What was the outcome?
Under Contract for $204,900.00 - Occupancy Prior to Close at $1000/mo, $2000 non-refundable EMD
Lessons learned? Challenges?
City Inspectors can slow you down by 2 months for very simple issues. They are slow and they don't care about your schedule.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
YES!!! Melissa Burns and Richard Steffen in the Kansas City Metro
Most Popular Reply
Originally posted by @Joshua Kulzer:
Investment Info:
Single-family residence fix & flip investment in Platte City.
Purchase price: $72,000
Cash invested: $2,000
Single Family House built in 1888.
3 BR
1 BA
What made you interested in investing in this type of deal?
I have a soft spot for old houses. This house from 1888 was tempting based on it's age and the amount of original pieces that existed, along with the potential to modernize it.
How did you find this deal and how did you negotiate it?
My friend and real estate agent that found it before it hit the MLS. I had just told her that I would be buying up properties to flip and the got right on top of the situation, looking for properties that I might want.
How did you finance this deal?
Hard Money - 12%
How did you add value to the deal?
New Kitchen, New Bathrooms, Increased Square Footage Upstairs to Build Out Giant Bathroom, New Windows, Refinished Original Hardwoods, New Roof, New Paint
What was the outcome?
Under Contract for $204,900.00 - Occupancy Prior to Close at $1000/mo, $2000 non-refundable EMD
Lessons learned? Challenges?
City Inspectors can slow you down by 2 months for very simple issues. They are slow and they don't care about your schedule.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
YES!!! Melissa Burns and Richard Steffen in the Kansas City Metro
Really nice work. Looks good. Where else do you fix and flip?