First flip netted approximately $32k

[Grace Widdicombe]

Investment Info:

Single-family residence fix & flip investment in Eugene.

Purchase price: $119,500
Cash invested: $55,000
Sale price: $231,000

Excellent location for a 3 bedroom/1 bath house in south Eugene. Sold it without listing it in just a few days.

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

I purchased this house directly from the sellers (desperate), and was able to negotiate a great deal. The sellers came to the open house and were so excited to see how we turned the house into a beautiful home.

How did you finance this deal?

We financed with our own cash for the rehab and a small down payment, and the rest from hard money.

How did you add value to the deal?

We repaired water damage in the sub flooring, created an open kitchen look, rather than the galley type kitchen. Gave the laundry room it's own door from the hallway, rather than having to go through the galley kitchen. Re-added 3rd bedroom, rewired and added 200 Amp Panel. Removed the rotten wood deck and had a concrete patio poured as well as re-poured the driveway and front path. And then the usual, new appliances, great looking hardwood floors, and paint.

What was the outcome?

You wouldn't be able to do this amount of a rehab today for under $50k, but it was still the recession and contractors needed work.