The Dutch Colonial Flip

[Katie Dortch]

Investment Info:

Single-family residence fix & flip investment in Durham.

Purchase price: $230,000
Cash invested: $55,000
Sale price: $376,000

Split level homes seemed to seek us out ever since The Modern Split Flip, but we'd never done a dutch colonial style home before! It was a fun project.

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

The numbers and location were initially the most convincing. We felt it would produce a solid investment opportunity for our lenders.

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

Found this deal via PPC - Google ad marketing efforts. Sellers didn't like the idea of selling to a big "box store" home buying company, liked the family owned aspect. Took our offer despite having higher offers. This doesn't happen every day.

How did you finance this deal?

100% by private lenders: a first position + second position lender.

How did you add value to the deal?

The scope of work included removing a few walls, full remodel of all bathrooms and kitchen, refinishing existing hardwood floors, replacing bannisters lighting and hardware, exterior paint and landscaping

What was the outcome?

It was a successful project. Unfortunately it took quite a bit longer than we anticipated due to permitting delays.

Lessons learned? Challenges?

This project gave us the realization that we had a lot of growth to do in the design/planning phase of the renovation process. We have since made great strides to streamline this.

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

Yes, Matt Lees was our broker. Highly recommend.