West Omaha Delayed Flip

[Owen Dashner]

Investment Info:

Single-family residence fix & flip investment in Omaha.

Purchase price: $242,500
Cash invested: $10,000
Sale price: $285,000

This was an off market house in the Miracle Hills area of Omaha just off of 120th and Dodge. The seller was moving to NY and wanted an as-is sale right away, but wanted to have the ability for his family to stay in the house for 2 months until school was finished.

The house was pretty nice, just needed a cosmetic update inside, and the roof was shot. We decided to fix the roof only, and give the house a thorough cleaning and list it on the MLS as-is.

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

This house was in a great area and at a price point that would sell quickly with very little competing inventory.

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

We dealt directly with the seller who found us via online search for "cash for houses". A key factor for him was having the ability to close on it and delay our possession for a couple months to give his family time to finish school and get ready for the move. We got a good price in return for our flexibility.

How did you finance this deal?

We bought using a LOC.

How did you add value to the deal?

We cleaned up the yard and did a thorough cleaning on the inside. We also replaced the roof for $7,500.

What was the outcome?

We probably had about $10K into it after factoring the roof, cleaning and carrying costs. We ended up selling the house for $285,000, ending up with a profit of about $20,000.

Lessons learned? Challenges?

Listening to the sellers goals is always important, as money is not always highest on the list of priorities. Delayed possession was the key factor in making this deal work.

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

Angela Thiel with KW Elite was again our trusted agent to get this baby sold quickly.