Flip in Springfield, ma

[Manfred Karori]

Investment Info:

Single-family residence fix & flip investment in Springfield.

Purchase price: $70,000
Cash invested: $140,000
Sale price: $270,000

Single family was a total rehab.

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

Location, it was in a desirable area and on a dead end street. Great for a family with young children.

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

Wholesaler

How did you finance this deal?

Hard money lender.

How did you add value to the deal?

Doubled the square footage and replaced the plumbing, heating and electrical.

What was the outcome?

Had it under contract before it was completed.

Lessons learned? Challenges?

Plan for the worst when dealing with huge projects because there are so many unknowns when you open up walls. If possible avoid projects you have to change the structure because that can easily throw off your timeline.