Investment Info:
Single-family residence fix & flip investment.
Purchase price: $80,000
Cash invested: $105,000
Sale price: $269,000
Remodel and Value Add for a 1916 build. Converted from a duplex (1/1 and 2/1) to a 3/3.
What made you interested in investing in this type of deal?
The purchase price was less than the rehab.
The house had good bones.
How did you find this deal and how did you negotiate it?
Found via MLS.
Negotiated with listing agent to submit offer and later to lower the price due to the cost of the renovations.
How did you finance this deal?
Hard Money
How did you add value to the deal?
Yes, I added a 3rd bathroom.
What was the outcome?
We sold the house to a newly engaged couple.
Lessons learned? Challenges?
No more older houses.
Have clear communication with contractors.
Set a good budget.
Work closely with everyone involved and make sure to stay up to date on what's going on.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
SkyBeam Capital - Hard Money Lender - They were the only HML I could find who would lend a newbie money on an upside down deal (meaning the price of the property is less than then rehab costs. They were very easy to work with. https://www.skybeamcapital.com/
Selling Agent - Alicia Thomas - We utilized Alicia to sell the property once it was fixed up. She advised us well and we sold within 7 days of being listed. https://www.georgiamls.com/real-estate-agents/THOMASALIC
