This home will be a Buy, Fix and Flip.

[Alex Boylan]

Investment Info:

Single-family residence fix & flip investment in Stillwater.

Purchase price: $200,000

This will be a complete remodel of a late 1800s home.

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

The seller had started the remodel but ran out of money and patience.

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

They called me knowing I buy properties for cash no matter the condition.

How did you finance this deal?

I used a Commercial loan through a small local bank.

How did you add value to the deal?

Doing a complete remodel of the home.

What was the outcome?

Still in process

[Kyle J. Cooper]

@Alex Boylan

Great! What's your Rehab budget and ARV? I'd like to rehab a home locally and curious if you have any tips starting out? Should I vet some contractors before buying or just learn as I go? Thanks for sharing!

[Alex Boylan]

Hello Kyle.  This home is more unique than most of my remodels because the seller started the process and now I need to figure out how I'm going to complete it.  I know what my end value is based on comps in the area but the key will be to make sure I don't over spend and eat up all my profit.  

In this case, I bought it knowing there would be favorable margins and now I'm vetting contractors and costs of the Rehab. 

[Kyle J. Cooper]

@Alex Boylan

Great! I have no doubt that you can find and manage the right people in order to help you accomplish your rehab goals! I'd like to know how everything goes as you're connecting and managing people from out of state. Thanks again for sharing!

[Alex Boylan]

Hello Kyle,

Its actually in the same state but happy to keep you posted.  Stillwater is only 30 min from where I live.  

[Kyle J. Cooper]

@Alex Boylan

I must've been confused since your title says you're from Minneapolis. My fault! In your experience have you been able to save on your rehabs through "sweat equity" or has that not been a good use of your time? I'm curious as I look to do a live in flip, BRRRR, or house hack rehab if I should outsource most of the work or save money by doing most things myself and learn some new skills. Thanks!

[Alex Boylan]

I always use a crew to do my rehabs.  There was a time that I did a portion of the rehabs myself but now I hire it out so I can concentrate on finding more investments.   Overall, its a good skill to learn and makes you a better investor. 

I've done Live in flips when I was first starting out and then I moved on to house hacking and flipping houses.  Now I just buy to hold or flip it myself.  
 

[Dmitriy Fomichenko]

Congrats on this investment @Alex Boylan ! Looking forward hearing more from you about the progress on this project.