1520 Franklin Grand Rapids Flip

[Justin Coulson]

Investment Info:

Single-family residence fix & flip investment in Grand Rapids.

Purchase price: $230,000
Cash invested: $80,000
Sale price: $399,900

This was my Grandma's house. She was moving to a retirement home and it was a perfect opportunity to buy from her. Split 50/50 with my dad.

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

Grandma's house. Off market opportunity in a very hot area that needed a heavy cosmetic upgrade.

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

Grandma's house. We got it appraised by a third party appraiser.

How did you finance this deal?

Seller financing.

How did you add value to the deal?

Advanced cosmetic. Brand new kitchen, new flooring, fixtures and paint throughout. Finished part of the basement. New roof. Tore down wall to open open kitchen and dining room.

Lessons learned? Challenges?

Staging a home is everything. Originally listed without being staged and sat on the market for a couple months. Pulled it off the market over the holiday season and then relisted it staged and it sold instantly for the original asking price.

I also underestimated selling on a busier street.