One of the most difficult investments so far

[Thomas Magill]

Investment Info:

Single-family residence fix & flip investment in Concord.

Purchase price: $116,000
Cash invested: $95,000
Sale price: $299,990

This was one of the toughest projects I've done so far, but one of the most rewarding. I had to take over the project from the original contractor due to lack of time and effort spent on the project.

I added a master suite by filling in a one car garage, built out the walkout basement, and opened up the floorplan. All of the major items were renovated ie mechanical, electrical, plumbing. And, a full renovation of kitchen and bathrooms.

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

I was focusing on flips at 150k and wanted to scratch my design itch a little bit more

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

I found this deal through a Wholesaler who didn't want it anymore and basically gave it to me for cost.

How did you finance this deal?

Mostly private money, and I self funded any overages.

How did you add value to the deal?

Added a master suite in an existing garage, renovated the walk out basement, opened up the floor plan, and renovated kitchens and bathrooms.

What was the outcome?

TBD, its on the market now.

Lessons learned? Challenges?

Even though contractors come highly recommended, you must follow your process.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No