Over asking price in under 1 week during a global pandemic

[Danielle Bulla Isenhour]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $85,000
Cash invested: $160,000
Sale price: $218,763

Purchased from previous clients & the negotiation included them owning the house as renovations went on. Our contract ran out, and we had to purchase the property in cash (no hard money lenders) before the end of 2019. There were 3 additions, a few level changes, and trying to pick up where someone else left off proved to be extremely difficult. Design kept changing, but we were able to restore the 1950's wood doors & stained glass window to keep as much of the original charm as possible.

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

Potential for making 60% ROI.

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

Previous clients of mine. The negotiation included them owning the house as renovations went on.

How did you finance this deal?

Cash.

How did you add value to the deal?

Took a burden off loyal clients, and restored this house close to new construction.

What was the outcome?

Taking our time rehabbing rather than flipping made the first buyer that walked in the door appreciate the quality. They offered over list price.

Lessons learned? Challenges?

Learned:
- do not leave a new drill on site.
- have someone hold your 10-foot ladder.
- do not take on more than you can handle.
- brushed Nickel & oil rubbed Bronze hardware work fine together. Everything does NOT need to match.

Risks:
- created my own contract allowing the Sellers to keep the title in their names as we paid for all holding costs and re
- go to Bigger Pockets for a contract, and to the Forums for specific advice to your unique deal.
Challenges:
- deciding on the final design.

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

Danielle Bulla Isenhour ;)