Quick Condo Flip in DC (Old Deal, New Post)

[Patrick Speller]

Investment Info:

Condo fix & flip investment.

Purchase price: $240,000
Cash invested: $40,000
Sale price: $385,000

This project was done with a partner.

Garden style condo 1bd 1ba built in 1936 in Petworth (NW DC) within walking distance to the Petworth Metro. (Great Location)

This deal closed 8 months ago.. writing in retrospect so some details are missing. Plus I didn't have enough characters to tell the whole story.

*Purchase price was $220k*

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

Cold Call

How did you add value to the deal?

Renovations included but weren't limited to: Point-up & sand walls, new paint, new floors in kitchen, new cabinets, new appliances, added washer and dryer, completely remodeled bathroom, bathroom door replace with a barn door, fixed pipes and installed portions of new piping in bathroom, recess lights added in living room, remodeled the back "patio" into living space (could be used for an office or den), steps in the back were fixed, new doors and locks throughout, new thermostat installed.. etc

What was the outcome?

Sold within the first week on the market above asking price.

Lessons learned? Challenges?

Hiccups: Seller's wife became unhappy with our agreed price (Solution: There was a language barrier so we "hired" a translator. The translator was a fellow real estate agent that my partner had worked with in the past).
Nosy neighbors that liked to complain (Solution: Stayed friendly, offered to have our guys fix up some minor issues they may be having in their units)
11th Hour bathroom plumbing issue (Solution: Easy fix. Had to remove the toilet, cut open the dry wall and fix the pipes
Cont..