Condo flip learning experience

[Benjamin Martin]

Investment Info:

Condo other investment.

Purchase price: $151,000
Cash invested: $10,000
Sale price: $242,000

An unintentional flip, really. Our first property owned together, my wife and I slowly fixed it up, improved the interior as we could. However, once we decided we would be selling, we quickly learned which improvements to make to maximize our ROI and make the property attractive to potential buyers.

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

Our goal was to buy into our first home. Condo / townhome was the only way to do this in our area with our income. We knew it would need a little work and were ready to take on the challenge and improve the parts we could, when we could.

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

Found via our broker. He negotiated for us. It had been on the market for 40+ (ish) days during the summer and fall, so he knew he had some advantage going into the deal. Offered about 11% less than asking and got it!

How did you finance this deal?

Cash, borrowed from private lender.

How did you add value to the deal?

New floors (Lifeproof series from Home Depot), new water heater, new paint on everything, interior and exterior caulking as needed to reduce air flow, some exterior paint on our section (shhhhh, don't tell the HOA)

What was the outcome?

Got full asking price!

Lessons learned? Challenges?

Kitchens, bathrooms add the most value. Removing old rugs and replacing with modern engineered floors is highly attractive to young buyers.