Historic District Do-Over

[Cory Cox]

Investment Info:

Single-family residence fix & flip investment in Conway.

Purchase price: $110,000
Cash invested: $110,000
Sale price: $230,000

Complete gut job. I got a foundation bid of $2k before I bought the house and it ballooned north of $20k. I was able to save a few dollars throughout the entire process on a few select items as well as sheer sweat equity put in which made it manageable. Definitely not a great preforming investment but I was able to learn a ton from this investment and how/what/who to listen to which will benefit me throughout my investing career. It turned out to become a beautiful home near downtown Conway!

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

It was a complete redo which intrigued me as I could learn it ALL in one big swoop. Sometimes, I like to just go head strong into something and jumping in is the best way to gain knowledge quickly.

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

Off market deal from agent.

How did you finance this deal?

Construction Loan - Bank

How did you add value to the deal?

Everything. It needed it all.

What was the outcome?

Not a good return on investment at all. Knowledge wise it was a huge helper moving forward.

Lessons learned? Challenges?

Knowing who/what to trust is a big one with this one. Don't always take 1 person opinion on things. Do your due diligence on the front end and don't rush into a deal. There.Are.Always.More.Deals.