The two month flip in Vermillion

[Michelle Maloney]

Investment Info:

Single-family residence fix & flip investment in Vermillion.

Purchase price: $174,000
Cash invested: $27,500
Sale price: $230,000

The house was in an estate and the family didn't want to update it for maximum sale value. I painted the walls in four rooms, added crown molding to the kitchen cabinets, replaced all drawer and cabinet pulls, put in stainless appliances, and replaced the old carpet with LVT. Easiest flip ever.

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

I knew the work was just cosmetic because the home was built in 2002.

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

The family knew I'd flipped a home recently and wanted to avoid the negotiation of selling on the market.

How did you finance this deal?

My local bank. I paid $0 down because they knew I was flipping it.

How did you add value to the deal?

I did all the painting, and I moved in furniture for staging.

What was the outcome?

Bought it, upgraded it, listed it on the MLS, and closed in two months total. It will never be that good again.

Lessons learned? Challenges?

I learned from my last flip to have the contractors lined up BEFORE you buy the house. Have a plan, know what you're going to do. I went back and forth about replacing the laminate counter tops from 2002, really wanting to put in granite to get top dollar. I learned that if the rest of the house looks great they won't care.

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

Kevin Bliss Construction made quick work of putting the crown on the cabinets - but he's so busy you'll never get him!