Lafayette, LA Success Story #9
Wanted to share by success story of a recent flip here in Lafayette, LA. Bought the home for $119,500, 3 bedroom, 2.5 bath. The property was in much need of some TLC, everything had to brought down to studs. But we could see the opportunity and vision for this home the first minute we walked in the door. Within 2 minutes of seeing this property on the MLS, I had an offer submitted $10,000 above asking price and site unseen. Knowing the location and comps for this area definitely gave us the advance to move fast.
Construction was estimated to be around $90,000. Almost everything was touched inside and outside of the house: plumbing, electrical, floors, cabinets, tubs, drywall... you name it. With corona virus, increased lumber prices, a few hurricanes and a two day freeze (unheard of for our area), we ended up spending $127,000
Decided to list the home at $375,000 based on the comps, location, etc. This area is a valuable one due to the great locations, close proximity to the local college and school zone. The home was on the market 1.5 months before getting nice offer! SOLD.
Breakdown:
Duration - 9 months
Sells Price - $350,000
Purchase Price - $119,500
Construction - $127,000
Commission - $21,000
PROFIT - $$$
