Investment Info:
Single-family residence fix & flip investment.
Sale price: $179,900
Ruffner Mtn entrance. We started with a new roof and added the ridge vent. New paint scheme on the outside. Completely new bathroom and kitchen. New cabintes, granite counters, stainless appliances. The original floor plan had the washer/dryer hookups in the kitchen. We made space for a laundry closet which opened the kitchen up for more cabinets. Restained hardwood floors and added crown molding throughout. The home is finished with a firepit on the rear patio surrounded by adirondack chairs.
What made you interested in investing in this type of deal?
I looked at the street, neighbors, and surrounding possibilities. Ruffner Mountain is a popular spot and it's entrance is 2 blocks up on the same street. Also, a home was rehabbed across the street with same sqft and bed/bath. It sold for $155K in the summer of 2021.
How did you find this deal and how did you negotiate it?
I found it listed with a property management company. It was originally listed for $105,000. Then the price dropped to $95,000. I offered $85,000 and agreed to $87,000
How did you finance this deal?
Hard money loan from Longhorn Investments out of Texas
How did you add value to the deal?
New roof, hardwood floors, full bathroom, full kitchen with granite and stainless, added a laundry closet, crown molding in all rooms
What was the outcome?
Still waiting a week after competion
Lessons learned? Challenges?
This is my first flip so I'm learning the process and relationship with my GC.
