Fix and Flip in Starke, FL

[Taryn Lewis]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $97,000
Cash invested: $60,000
Sale price: $240,000

Home was gutted and started by another small investor that ran out of money. I purchased the home to finish it out and was able to complete the process in 4 months sub-contracting the work myself. The home was under contract within 24 hours of being on the market at full price.

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

Seemed like a fast turn around with a good profit margin.

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

The seller contacted me and I presented this deal to the investors I work with ( IM a real estate agent) My investors had on going projects and weren't interested in taking on something new. So I decided to take the leap. It seemed like too good of a deal to pass up.

How did you finance this deal?

Private loan for the purchase price, person funds for the renovations

How did you add value to the deal?

All new finishes. New electric, SC, roof, flooring, doors, sheetrock, cabinets, bathrooms, appliances, etc... Basically a new house. Graded the lot and put down new sod and landscaping.

What was the outcome?

Under contract in 24 hours. Sold in 30 days. Profit of just over $65,000

Lessons learned? Challenges?

It was fairly smooth. A few delays with the driveway install, but overall it was what I expected.

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

I am a Realtor and I handled the purchase and sale of the home. I highly recommend myself and would work with myself again! Haha!