Small SFH deal flip in a tight market

[Patrick Knapp]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $75,000
Cash invested: $25,000
Sale price: $130,000

This property was acquired by a wholesaler who is well know in our local area. We than removed the carpet flooring and replaced with LVP, painted the walls, installed quartz countertops, new faucets, new deck and fencing to include rot damage to the rim band and chimney, new water heater and appliances.

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

With the market being so hot at this time its best to take advantage of flips when they come your way.

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

Sadly wholesalers are greedy and hard to negotiate in a sellers market.

How did you finance this deal?

Used hard money

How did you add value to the deal?

Im a licensed General contractor so I got costs down.

What was the outcome?

Home looks fantastic and we list in the next day expecting above asking offers

Lessons learned? Challenges?

Even as a licensed GC we still make rockie mistakes when its your personal flip. Wallpaper is a pain in the butts and can cost you alot of money in labor. Best way is to prime over it with a shellac primer.
This flip took two-three weeks roughly to accomplish so we got it rolling pretty fast.

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

Gregg Horne for hard money