First Solo Flip in Virginia Beach

[Kristopher Kyzar]

Investment Info:

Townhouse fix & flip investment in Virginia Bch.

Purchase price: $119,282
Cash invested: $30,000
Sale price: $181,000

Contributors:
Taylor Hudgins

Bought this 3 Bed, 2.5 Bath townhouse subject to the existing mortgage of $109,282 plus $10,000. It was an off-market deal, I paid all buyer closing costs. The $21,000 rehab took 3 weeks to complete. The property was placed on the market on a Friday and by Sunday I had 21 showings and 6 offers. The offer that I accepted was for $1k above asking with no CCA and the buyer had a pre-approval letter submitted with the offer. During the pre-close inspection, I fixed another $2k worth of repair items and a $500 allowance for a new dishwasher. The SOW was complete flooring replacement throughout, scrape popcorn ceilings, replace countertops, reconfigure the stairs, patch a hole in the 1/2 bath wall, replace all lighting fixtures, service the HVAC, paint, clean the back yard, haul off all items left by seller, replace a bathroom sink/countertop and general cleaning.

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

I was able to purchase subject to the existing mortgage, so very little out of pocket up front.

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

I knew the owner, and knew what they needed to make the deal work.

How did you finance this deal?

Subject to existing mortgage plus $10,000.

How did you add value to the deal?

All new floors, countertops, reconfigured the stairs, fresh paint, scraped the popcorn ceilings.

What was the outcome?

House was on the market on a Friday. By Sunday, we had 21 showings and 6 offers. Sold for $1K above asking with no CCA.

Lessons learned? Challenges?

Subject to financing is amazing. I wish they all could be like that. There was a lot of stuff left behind that needed to be cleared out.

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

Taylor was the best agent to work with. She goes above and beyond, and is a pleasure to work with.