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Before And After Condo Flip - Modern Renovation

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Jeff Leighton
Before And After Condo Flip - Modern Renovation

This was a fun project that only took about 3 months from start to finish. If it was closer to where I was currently living, I would have moved into the property.  


How I Found The Deal


I found this deal through a direct mail campaign to an area where prices have been going up but where there’s still good deals. I got a call from the owner who was looking to sell asap because they were moving out of state. Within the same day I put the property under contract and we closed about a month later. Direct mail and cold calling remain two of the best ways to find off market deals.


How I Financed The Deal


I used a local hard money lender to finance the deal. The terms were 2 points and 10 percent which was significantly better than my previous lender. It pays to shop around hard money and private money lenders. One of the best places you can find private money lenders is by asking local mortgage brokers if anyone in their company does hard money lending. Most of the time, there will be a couple of people who do hard money loans on the side since they understand the lending business and have a lot of money sitting around.


How I Fixed Up The Deal


This property was located in an area close by that I have a lot of experience with. Fortunately, I had a contractor that specializes around this area and he was able to give me a good price and finish the job quickly. We did have one unexpected expense when we realized that the entire piping in the unit would need to be replaced. However, we fixed that before closing with a local plumber who only charged about 4K to replace all the pipes in the unit.


How I Sold The Deal


I listed the property myself since I am a real estate agent (and saved about 10K) and made sure to get good staging and professional photography. Anytime you sell a property, I would recommend paying the extra 3K-5K to get a good stager and to get amazing photos. Within the first week I had multiple offers. However, the first offer’s financing fell through so I had to relist the property. Fortunately, the market had gone up during those two weeks so I was able to get about 10K more the second time I listed the unit. You have to be prepared that every now and then a property will fall out of contract for various reasons.


Overall


This was a good deal and most of properties do not have this type of quick turnaround. I purposely do not take on deals that are above my knowledge of construction. If you come from a construction background though you can take on these larger projects since they offer more potential and also more risk. If you are new to real estate investing then be sure to start on a smaller project and work your way up.

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Jeff Leighton
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