Fix and Flip in Southern, OH

[Lauryn Meadows]

Investment Info:

Single-family residence fix & flip investment in Ironton.

Purchase price: $15,000
Cash invested: $60,000
Sale price: $112,000

Fix and flip property than we purchased and renovated with our HELOC.
Purchase price: $15,000
Rehab: $60,000
Total Investment: $75,000
Sale Price: $112,000
Closing Costs: $8,600
Net: $28,400

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

It's a great way to earn capital, you have the opportunity to provide a like new home for someone that otherwise wouldn't be able to make that happen and you get to improve the community!

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

This was a friend's parent's house that they rented for years.

How did you finance this deal?

We used our HELOC to purchase and renovate.

How did you add value to the deal?

ALL. NEW.EVERYTHING.

What was the outcome?

We improved the community, got some awesome buyers into a great home and made some money.
BONUS- we had a nice warm place to stay when the ice storms came through the United States in Feb. 2021. We packed up our TV, Keurig, some clothes and blow up mattresses and left our cold/electric-less house and hung out at the flip house for a few days.

Lessons learned? Challenges?

This was actually a more seamless project- we actually came in on budget. There was a tree we needed to cut down (very costly) and it bordered the property next door which the city owned. It took a while, but we negotiated with the city and a local nonprofit that focuses on the revitalization of Ironton and we all split the cost.