Wisconsin Ave - My First Flip

[Amanda Belonger]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $60,000
Cash invested: $70,000
Sale price: $197,000

1880 folk Victorian era home with ornate tin, 9' ceiling. It needed a full renovation but had "good bones". 2100 Sq ft, 3 BD, 1 Bath, .45 acre lot.

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

It was a home with a lot of character, that I knew would scare away the average investor. It needed someone who was going to commit to keeping the integrity of the house.

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

It was listed on MLS as a hud foreclosure and online bidding was required. I had to wait for the owner occupant bidding period to pass before I could submit my bid.

How did you finance this deal?

100% cash

How did you add value to the deal?

I knew what the house needed design wise, to grab the most attention when it went onto the market. Where to skimp and where to absolutely not skimp, to keep the intregrity and attractiveness of the old home.

What was the outcome?

It had multiple offers and sold over the weekend for more than I originally planned.

Lessons learned? Challenges?

It was located in a very rural farm town, at least 30-40 minutes to a home improvement store.

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

I always recommend myself as an agent. 😀