Investment Info:
Single-family residence fix & flip investment.
Purchase price: $169,000
Cash invested: $14,000
Sale price: $200,000
We bought this property as a primary residence to also fix and flip. We utilized it as a primary property for 2 years while making cosmetic upgrades to the home, before selling the home to make a $30,000 net profit in the fall of 2020.
What made you interested in investing in this type of deal?
This property was undervalued in the neighborhood it is in. We saw opportunity in that it needed primarily cosmetic updates that are relatively inexpensive. This included deep cleaning, landscaping, paint, trim work, etc in the home.
How did you find this deal and how did you negotiate it?
I found this deal from an individual living in the area who reached out and thought I'd be interested.
How did you finance this deal?
Financed via a conventional loan.
How did you add value to the deal?
We were able to add value by deep cleaning, painting, updating the landscape, and repairing trim in property.
What was the outcome?
The outcome was over $30,000 in net profit.
Lessons learned? Challenges?
Look for undervalued properties in coveted neighborhoods.
