First Time at Bat - the Nerves!!!!
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $31,000
Cash invested: $66,000
Sale price: $147,500
Converted an abandoned, condemned three bedroom, one and a half bath home with two rooms (one 30x15) unused/used as storage, and attached single car garage that we (my business partner and I) emptied (3, 30 yard dumpsters!), cleaned, and installed new HVAC, ran all new pex lines/valves/shut offs, all new hardwood flooring and carpet, all new and expanded kitchen cabinets, new appliances, created full bath and connected it to a bedroom to create en suite, repurposed 2 unused rooms (1 into a 4th bedroom/office/playroom and one into a family room, installed new interior and exterior lighting throughout, new automatic garage door, and landscaped.
What made you interested in investing in this type of deal?
I had always wanted to work in real estate and saw the potential in this deal.
How did you find this deal and how did you negotiate it?
My business partner found it, and we negotiated the deal with the owner of the property, who was about to lose it since the city had condemned it.
How did you finance this deal?
I purchased and renovated it with cash.
How did you add value to the deal?
Created en suite bed/bath, extra bedroom/office/playroom, created family/tv room, added windows et al
What was the outcome?
Home sold within 24 hours of listing
Lessons learned? Challenges?
Oh my goodness.... It was trial by fire! Learned about clean out, demo, plumbing, HVAC, electrical, flooring, design, floor plans, functionality of a home, landscaping, and all the nerves and excitement that come with this business!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Absolutely! Highly recommend Chuck and Angie Robinson at Exit Real Estate and Ryan Fox at First Neighborhood Bank in Parkersburg, WV