Investment Info:
Single-family residence fix & flip investment in Flowery Br.
Purchase price: $80,000
Cash invested: $30,000
Sale price: $148,000
Working with my realtor at the time, we bought this VA-owned home that needed a ton of work. We snagged it for 80k, put in about 30k, and sold for 148k!
It took us about 4 months.
What made you interested in investing in this type of deal?
This was our first true "flip". My wife and I had made profits from our previous primary residences, so we knew there was money to be made in real estate.
How did you find this deal and how did you negotiate it?
Our realtor found it on the MLS (I believe), but it was owned by the VA as the previous owner had died.
How did you finance this deal?
Private cash lender (family).
How did you add value to the deal?
- painted every wall
- added new laminate flooring throughout
- gutted and rehabbed the bathroom
- painted and added new cabinet doors
- added new appliances
- added a rear deck
- added lighting
- replaced HVAC unit
What was the outcome?
Great! Profited around 30k.
Lessons learned? Challenges?
Trying to figure out paint spraying by ourselves isn't' worth it. Ended up asking our GC to do that part..
The HVAC unit was working but died after a purchase agreement had been signed.. so that ate around $4,500 wroth of profit in the last few weeks.
