First Fix n Flip Deal in Greenville

[Coley Mitchell]

Well, what started as a BRRRR deal with a partner ended up a fix and flip due to the crazy market here in Greenville. Would have still worked great as a BRRRR but with everything going on, we decided to cash out now so we can chase bigger stuff.

Here are the key stats:

• - 2/1, 945 SF house in Sans Souci neighborhood of Greenville, SC
• - Purchased from a wholesaler for 65K cash
• - Final rehab budget came in at 57K - basically new everything minus the major systems, had to replace subfloor/ a few joists in bathroom due to previous leaks, removed a wall between kitchen and living room, new appliances (minus fridge), new patio, privacy fence, removed trees, vapor barrier, insulation in crawl space, etc)
• - Sold for 160K in 3 weeks
• - Netted about 24K after holding costs, commissions, closing costs, etc
• - Entire process (initial purchase to closing) took about 6 months

Biggest lesson learned: we did too much!  Adding the new vinyl shakes to front of house to boost curb appeal, cutting down all the large trees on side of house (1-2 would have been fine), and perhaps some of the detail in the finishing really wasn't needed.  Could have easily left another $10K in our pockets as a result.  Overall this was a very small project for our contractor, but they really delivered a turn key experience with quality finishing.  Also did not make us pay a dime until they were done in an effort to win our business which was pretty sweet.

Not exactly earth shattering numbers but the experience overall was highly positive.  Now have a solid network of contractors, agents, wholesalers, closing attorneys, etc. as well as the start of a great partnership.  Biggest benefit was the confidence built by doing the first project.  At end of day, it really isn't that scary... just need to commit to analyzing deals and pulling the trigger when the numbers make sense.

Before pics:

After:

Let me know if you have any questions!