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Updated over 4 years ago,
Dirty Urban Poolside Home full returns.
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $107,000
Cash invested: $31,000
Sale price: $215,000
I finished this flip earlier this year and just now getting around to post about it! This was my first major flip with my dad and I doing most of the work. We are trained in sales so we were on youtube for most evenings but we got it done!
What made you interested in investing in this type of deal?
It had amazing margins. We took a risk on the pool being a major cost but we did a lot of the prep work ourselves costing only a little over 4k for a 22 gallon pool.
How did you find this deal and how did you negotiate it?
Found it on the MLS within 2 minutes and put an offer in that evening. Paid 3 below asking.
How did you finance this deal?
Savings account and left kidney.
How did you add value to the deal?
Remodeled every square inch.
What was the outcome?
I was a little sad because I didn't want to sell it but financially it made sense to let it go.
Lessons learned? Challenges?
The first pool company I contacted gave me a quote of 29k. After shopping around we learned we could do most of the plumbing and concrete work ourselves and only pay for the pool liner cost a little over $4,000.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Pools of fun was a great company to get the job done.