Hansell on Harlan - Fountain Square Flip

[Shelley Hansell]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $34,000
Cash invested: $130,000
Sale price: $290,000

My first down to the studs, full gut rehab project. First house to turn on an up and coming street that now features 300-600k homes.

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

The minimal initial investment and the potential I saw in the area.

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

A friend of a friend knew it was available.

How did you finance this deal?

Cash on hand.

How did you add value to the deal?

I saw the potential in the area after talking with the people who live there and noting the proximity to progress near by. I initially worked with an architect to get plans to submit to the city, but quickly changed those up and designed much of the space myself. I managed contractors and chose finishes. Listed and sold.

What was the outcome?

Confidence that I can do this on my one. One bite at a time. Good money that propelled me into my next deal.

Lessons learned? Challenges?

It was a big BIG job. Everything was a lesson. The main lesson: you get exactly what you pay for. Quality contractors are hard to find and worth every penny.

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

I am a real estate professional.