Fix and flip single family residence

[Madison Holland]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $50,000
Cash invested: $80,000
Sale price: $90,000

Under contract for 90,000 cash. Will be closing first week April 2021. Approximately $8,000 invested to fix the residence up. It is a single family attached residence.

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

A previous client reached out to me in reference to the property. It had belonged to her brother, whom had passed away. She did not want to fix it up, so I purchased with the intent to rent out. I decided to sell once it was completed.

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

A previous client reached out to me. I offered to buy it "as is" because the property owner did not want to work on it. The property owner lived out of state.

How did you finance this deal?

Conventional financing. 15% down payment.

How did you add value to the deal?

new paint, new flooring, new bathroom vanities, new toilets. Left counter tops and cabinets in place.

What was the outcome?

Under contract for 90,000 cash. We will close first week of April 2021.

Lessons learned? Challenges?

This deal has been very smooth from the beginning. I learned to not wait and get things fixed up quicker. I could have had this renovation done months ago.

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

I am a licensed agent and handled this myself. I used Synovus Mortgage in Warner Robins and they were great.