Accidental fix and flip

[Eugene Thurston]

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $283,000
Cash invested: $60,000
Sale price: $399,000

Large single family that had been previously converted to a two family but never went through the process of being officially turned into a two family. We paid the fees and added the required safety features, painted the exterior, repaired the back deck, made repairs to the upstairs kitchen and added a sump pump with drainage in the basement due to flooding issues.

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

We were looking for a house with added income from a rental

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

Listed on Zillow as for sale by owner

How did you finance this deal?

VA loan

How did you add value to the deal?

Paint, some landscaping, repaired deck, kitchen remodel, new flooring and exterior paint

What was the outcome?

We needed to move due to family reasons and our initial plan was to do some small repairs and keep the property as a rental. We overextended ourselves on the repairs and ended up selling the property

Lessons learned? Challenges?

Don’t over extend yourself making repairs. Better to rent it as is and make repairs gradually but keep the property.