Akron Ohio Fix & Flip Project.

[Michael Magno]

Investment Info:

Single-family residence fix & flip investment in Akron.

Purchase price: $68,000
Cash invested: $33,000
Sale price: $146,500

I purchased this 3 bedroom, 2 bathroom ranch with the intention of a full cosmetic rehab. We were slowed by some supply chain issues, weather, and Covid-19 delays. As well as 2 buyers who couldn't perform on the contract to purchase. However, at the end of the day, I made my goal of 30% return on my cash invested. I bought this property straight off the MLS. Looking forward to the next one.

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

I am always interested in a deal that can help me achieve my financial goals.

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

I purchased this property straight off of the MLS. It was listed for about 8 days. It was in really rough condition. I made a cash offer, with a quick close, and stuck to my numbers.

How did you finance this deal?

CASH

How did you add value to the deal?

Complete interior overhaul. New kitchen, 2 new bathrooms, all new paint, flooring, lighting throughout the entire house. Brand new HVAC and some electrical upgrades as well.

What was the outcome?

I made my 30% return.

Lessons learned? Challenges?

Every project does have its set of challenges. We overcame those issues, and got the property sold!

[Bonnie Low]

Nice job! I really like Akron, too. Curious what your rehab cost/sq foot was? I haven't done any rehabs in OH yet but probably will. Did you GC it or sub out all the work? Did your rehab price tag include a new roof? Any insights would be much appreciated.