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Updated almost 4 years ago,
Fix and Flip. triplex to single family
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $30,000
Cash invested: $70,000
Sale price: $160,000
Purchase a foreclosed single-family home that had been used as a triplex. Rehabbed back to a single-family for a faster sell after rehab. Link to before and after videos: https://steedtalker.com/projects/racking-cove-rehab-conversion-from-tri-plex-to-single-family-home/
What made you interested in investing in this type of deal?
The foreclosed price made it a viable fix/flip
How did you find this deal and how did you negotiate it?
It was the neighbor's property. I watched as the price gradually dropped and then purchased from the bank.
How did you finance this deal?
Purchased with my own cash and rehabbed with hardmoney loan.
How did you add value to the deal?
Made significant cosmetic improvements. Covered to small baths into one master bath. Removed the wall between the small kitchen/dining area and the living area to create one very attractive great room. New flooring throughout.
What was the outcome?
Excellent. Quadrupled my investment.
Lessons learned? Challenges?
Fix and flip can be profitable if you can get the property at the right price. There are always surprises with any rehab though with this project they were minimal.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I was the agent.