All Forum Posts by: Chelsey Gibbs

Thank you!

I found this one literally from passing though the area and seeing that they had started some sort of reno with a dumpster out front. Im a Realtor too so I just pulled in the driveway and talked directly to the owner and it took a few months but I was able to keep in contact and work out a deal.

I learned A LOT about the importance of vetting any professional/contractor (and verifying any proof they provide) before they start any work. I am a former insurance agent and was presented with multiple certificates of insurance that when I went to verify them they were actually not valid and/or the insurance was not the proper type for the work being done or may not have extended coverage to any workers or employees or contractors they were planning to bring on site to wortk. I even had two people claim to be licensed in certain areas that in fact they were not and could not even pull a permit... not to mention they were not even properly credentialed for major things like electrical and plumbing. 

Another major thinig I learned is to expect everything to take longer than planned. Workers dont show up, supplies have shortgages, weather is never our friend lol, and patience (along with flexible but still reasonible planning) is key! 

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $120,000
Cash invested: $100,000
Sale price: $300,000

Home was completely renovated cosmetically and partial plumping replacement. Bedroom was added onto the home as well.

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

The location, school district, and lack of availible single fammily homes on the market.

How did you finance this deal?

Cash no financing

How did you add value to the deal?

Mmodernized home and added a bedroom