Red Apple House Live-In Flip

[Donny Hogan]

Investment Info:

Single-family residence fix & flip investment in La Crescent.

Purchase price: $239,500
Cash invested: $47,900

This is our next Live-In Flip... We did a complete remodel on this home with brand new everything, added living space in the basement, added a 4th bathroom, and bedroom. instead of the concrete countertops we decided to try our hand at epoxy countertops and they turned out great. We are currently living in the home and refinanced to traditional mortgage now that we are done and snagged a 2.775% rate with a $368,000 appraisal to boot so we added $120K with $65K in upgrades.

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

We had been looking at it as it was going to foreclosure.

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

It was listed on the MLS however before we were ready to buy it had went to foreclosure. We ended up purchasing the home through an online auction which was scary and fun. at the same time.

How did you finance this deal?

Commercial Loan

How did you add value to the deal?

We completely remodeled the home with brand new everything inside as it was outdated and lots of damage from neglect.

What was the outcome?

We are currently living in the home and refinanced to traditional mortgage now that we are done and snagged a 2.775% rate with a $368,000 appraisal to boot so we added $120K with $65K in upgrades.

Lessons learned? Challenges?

I am learning that we need to step away from doing the work ourselves as it is just consuming too much of our time so we did actually hire plumbers for the new bathroom as well as professional tile guy and it was nice to eliminate that burden so we are looking forward to hiring even more on the next flip where necessary.

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

I used myself and I feel I did a bang up job so I would highly recommend working with me on any of your agent needs.