Accidental Flip only made possible by COVID 19

[Kyle Reece]

Investment Info:

Single-family residence fix & flip investment in Peru.

Purchase price: $65,769
Cash invested: $10,000
Sale price: $150,000

Accidental flip, primary residence that we never intended to sell. COVID made it more expensive to renovate into the house we wanted vs buy a new one that was already renovated. SFR market jumped plus buying under value created a better oppertunity to sell and buy a Large Duplex with a small apartment above the garage.

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

Wife wanted a SFR instead of house hacking anymore.

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

MLS from flipper purchased "as-is"

How did you finance this deal?

Conventional loan 5% down

How did you add value to the deal?

purchased below value

What was the outcome?

$80k profit

Lessons learned? Challenges?

underestimated rehab costs turned primary residence into flip. Challenges? COVID -19 effects on construction costs.