Single-Family Fix & Flip in Eagle, Idaho

[Anna Strausbaugh]

Investment Info:

Single-family residence fix & flip investment in Eagle.

Purchase price: $440,000
Cash invested: $80,000
Sale price: $650,000

High end flip property on 1/3 acre on the golf course in highly desirable Eagle, Idaho. Home was well cared for, just never updated from the 70's. We renovated the entire house. New kitchen, new bathrooms, added lighting, new flooring and paint throughout. Didn't make any major floorplan changes. I am a realtor so I was able to save on commissions by selling to one of my own buyers which added to my profit. Here's before and after photos below.

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

I know this neighborhood well and knew it was a great deal when we saw it listed. We paid cash above list price and still got a great deal.

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

On the MLS. We had an offer in within 4 hours of it being listed and offered a one week close with cash.

How did you finance this deal?

Cash.

How did you add value to the deal?

Renovated the entire home with high end finishes to get the best price for this neighborhood.

What was the outcome?

Profit of $130,000

Lessons learned? Challenges?

Painted too early in the process and ended up having to repaint the interior twice because of so many mistakes. It was a challenge trying to PM the project myself with subs since I already work full time as a realtor. Had I been able to PM more closely fewer mistakes would have been made. Could have netted more if I had time to do some of the work myself.

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

Yes, I'm the real estate agent and investor and PM for this project.

[Anna Strausbaugh]

@Dave Spooner Hi! Yes, I think I would PM again. Especially now that I have my favorite subs to work with and good relationships with them. Also, I learned a lot and feel like I could be more efficient and cost-effective on my next flip. However, I would want to do it during a time that I wasn't so busy as a real estate agent, which right now feels like it will be a long time. I'm not eager to jump into another project right now, just trying to enjoy this win. I rolled the funds into a cabin in McCall, ID that we are going to turn into a short-term rental (when we aren't enjoying it ourselves).