Bought to BRRRR. Decided to flip

[Boone Tyson]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $55,000
Cash invested: $55,000
Sale price: $170,000

We bought this. property at the beginning of 2020 to BRRRR. We had a number of other flips going on and this was a monster project, so we decided to put it on the back burner for a while. After Covid hit, our market had an inventory shortage for affordable housing, so when the market went way up, we elected to sell it.

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

This was a big project that we bought off market. We had cultivated a relationship with the owner for over a year. It had a lot of wasted square footage and a rambling floor plan that didn't make much sense, so we knew we could repurpose the square footage

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

This was an off market seller. We made an offer, got it under contract, and then renegotiated a little more off after we took an inventory while under contract.

How did you finance this deal?

LOC

How did you add value to the deal?

Gut job remodel. New roof, new plumbing, new AC, new flooring, new electrical, paint, lighting, replaced some windows, got rid of junk, etc...

What was the outcome?

Set to close in a week or 2