Fix and Flip Property in my local market

[William Shannon Sirles]

Investment Info:

Single-family residence fix & flip investment in Glen Allen.

Purchase price: $142,000
Cash invested: $43,342
Sale price: $265,000

Purchased a Single Family home in a great location that needed repairs. Spent 2 months getting the property renovated. Sold after the first weekend of showing.

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

It was a great opportunity to add value to the area by renovating this property.

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

An agent/friend knew I was looking for a flip property and brought it to me. I negotiated with the seller directly and we came to a mutual agreement on terms.

How did you finance this deal?

Personal money

Lessons learned? Challenges?

Only main challenge was water issues under and around the foundation of the house. Lesson learned would be that inspectors see and evaluate the same issues in different ways.