Case Study - Thornton Heights East Fix n Flip

BEFORE

New Investor’s First Flip

Basics

Purchase Price $248,000

Rehab Budget $40,000

Sold Price $366.000

Deal Profit over $30,000

Repairs Made

• Structural

• New Roof

• New Flooring Throughout

• Finished the Basement

• Replaced Furnace & A/C

• Added Landscaping and Improved Front Steps

Savings Idea

Investor was originally going to get new Cabinet Fronts or New Cabinet Systems, but decided that the cabinets were salvageable and instead painted the cabinets and fronts to save substantial money in the rehab budget.

AFTER!

progress photos below:

Case Study - Welby Fix n Flip

After

This property was purchased at the end of June 2018 for $195k by an experienced flipper. This borrower requested a hard money loan amount of $180k. Rehab for the property was $35k. The flip took 4 months.

Basics

• Source - Referral to Borrower

• Status - Estate

• Condition - Poor / Hoarder Home / Arson Property - see below before picture

full gut - during construction photo

Obstacles

• Title took a good deal of time to close because several deceased persons were on title. All parties of the transaction had to be patient to await clean title from seller’s representatives.

• Gas and Electric had been off at the home for a significant amount of time that Xcel required the borrower to obtain new service as if the home was newly constructed. This line item was over budget as that was unforeseen for the borrower.

before

condition at time of purchase - hoarder home

Home Value