Fix and flip single family residence

[Madison Holland]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $50,000
Sale price: $90,000

Purchased for $50,000 (conventional financing) in September 2020. Renovated and sold in April 2021 for $90,000 cash.
Approximately $10,000 in renovation costs. This was a single family attached residence.

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

Originally I intended to buy and hold this property by renting it out. I changed my mind and had an opportunity to sell it. I have done both buy and hold and fix and flip previously.

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

I found this deal through a previous client I had assisted with selling a house.

How did you finance this deal?

Conventional financing.

How did you add value to the deal?

Through good decisions during renovation process.

What was the outcome?

The outcome was profitable for short term and long term. I manage this property for the investor I sold it to.

Lessons learned? Challenges?

I took too long to complete this project. I should have finished sooner. Time is money.

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

I used Ginger Mallory with Synovus Mortgage (Warner Robins) for the purchase. Great experience.