Investment Info:
Single-family residence fix & flip investment in Alma.
Purchase price: $290,000
Cash invested: $90,000
Sale price: $478,500
Rancher/rambler of 2,150SF at the heart of Bel Air. Full renovation with new concrete driveway and new concrete walk out basement. Renovation time 3 months.
What made you interested in investing in this type of deal?
Location.
How did you find this deal and how did you negotiate it?
From a Real estate Agent who made the negotiation process.
How did you finance this deal?
Hard money lender
How did you add value to the deal?
New roof, new water heater, new Electrical panel, New HVAC, new Concrete driveway, new Concrete steps & walkout basement, Open space of kitchen and living room, fully finished basement with wet bar and new full bathroom, new windows.
What was the outcome?
Booked showings before property gets live and under contract first day.
Lessons learned? Challenges?
Property went live on 4th of July weekend and went immediately under contract with multiple offers. Lesson learned that location is always no.1 factor and quality of renovation is the momentum of it and those two the most profitable combination.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
yes.
