Breaking through cinderblock walls

[Christina Fleck]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $88,805
Cash invested: $91,945
Sale price: $230,000

All cinderblock ranch home with multiple additions throughout the years.

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

We specialize in fix and flips.

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

This was an estate sale that went to highest and best. We went 2k above ask without closing costs and a fast close.

How did you finance this deal?

Cash through our line of credit.

How did you add value to the deal?

We completely changed the layout to make it more functional. This home had additions done to it throughout the years, which made very little sense. We put in a new roof, new floors, windows, kitchen, baths, paint, and siding.

What was the outcome?

The house now has a more functional layout, with a dedicated (huge) master.

Lessons learned? Challenges?

Trying to reconfigure a house built with cinderblock walls was the most challenging part. It added unexpected costs to the rehab, but in the end, our team was able to work through to find a reasonable solution.

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

I am a licensed real estate agent in the Hampton Roads area.