Flipping a house with a 60 year old pool full of sludge!

[Austin Coon]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $107,000
Cash invested: $31,000
Sale price: $215,000

I finished this flip earlier this year and just now getting around to post about it! This was my first major self funded flip.

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

It had amazing margins. Took a risk on the pool being a major cost but I did a lot of the prep work so it was only costing 4k for a 22 gallon pool.

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

Found it on the MLS within 2 minutes and put an offer in that evening. Paid 3k below asking.

How did you finance this deal?

Cash

How did you add value to the deal?

Refinishing the basement added the most value.

What was the outcome?

Never going to stop flipping...

Lessons learned? Challenges?

Never buy a house with a pool in the fall. The liner for a pool has to be set when the temperature is above 60 degrees on average for the warranty. If I had used hard money this would have cost an insane amount in holding costs.