Flip in Baltimore county

[Ruth Lyons]

Investment Info:

Single-family residence fix & flip investment in Woodlawn.

Purchase price: $112,000
Cash invested: $18,250
Sale price: $189,900

3 Level Townhouse needed cosmetic work and some plumbing and electric. Closed 11/8/19 for 199,900 less $10,000 seller help.

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

Quick flip in decent area

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

Property hit the MLS on Thursday late evening. I know the area so I went to see it first thing Friday a.m. By Saturday noon, there were 3 offers, mine being one of them. I wasn't the highest but I made sure the agent knew I had cash and the willingness to close quickly and my offer was chosen.

How did you finance this deal?

Cash

How did you add value to the deal?

Paint, flooring, new appliances, some plumbing and electric

What was the outcome?

Good flip, overall.

Lessons learned? Challenges?

If selling to an FHA buyer, you have to wait 90 days before you can close on a flip. I ended up holding longer than I wanted to because of this rule. In the time between accepting offer and closing, we had a torrential rain and the basement got damp. I had to pay for waterproofing before closing.

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

I am an agent.