Accidents and not paying attention will cost you

[Mel Salinas]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $89,300
Cash invested: $36,000
Sale price: $153,000

Mostly cosmetic but had a fire damage accident that ended up making it more costly; sales desc: Clean remodeled home with NEW ROOF, NEW SYNTHETIC STUCCO, newly installed Satin White Hampton Bay cabinets with extra pantry cabinet, Teak Butcher Block counters and Island top, Glacier Bay vanities with cultured marble sinks, 12 mm Evening Sun Cherry laminate flooring in all bedrooms, new cooler, light & plumbing fixtures, hand cut sanded and stained wood baseboards and trim, new garage door, new synthetic stucco with full brown undercoat, new Galvalum 26'' gauge steel panel roof with trim and drip edge flashing. Spacious super large front yard. Over 1/3 acre lot with backyard access on a quiet cul de sac! Established neighborhood close to shops, school, and transport.

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

Quick cosmetic remodel

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

MLS

How did you finance this deal?

Investment partner

Lessons learned? Challenges?

Accidents are costly and not converting 1/2 baths are a mistake.