Textbook Fix and Flip
Thanks to having strong partners in the real estate business and eye on the market, Retha McCutchen was able to acquire an ideal fix and flip in the Cully neighborhood of Northeast Portland. With the help from her partners in the real estate business, knowing the neighborhood and aligning with quick financing from Veristone, Retha was able to jump on this opportunity. It was worth moving fast, as the opportunity was perfect in the sense that it fit the basics for what investors look for in a fix and flip.
These basics include things like a solid dwelling structure primarily in need of cosmetic updates. Neglected grounds that come to life when cleaned and opened. And a neighborhood with historic adverse influences, that is seeing a resurgence of interest and value.
Veristone was able to provide a loan for $218,000. The project has penciled out with a purchase price of $203,000 and a fix-up budget of $70,000. The work involved a wonderful remodel which included opening the house while taking advantage of original knotty pine and built-ins, remodeling and outfitting the kitchen with stainless appliances and new roof. And, as mentioned before, they nailed it with landscaping that greatly improved the street appeal. The like-new property was listed as $424,900.
Based on accomplishing some great work and helped of course by one of the nation’s hottest housing markets, the property sold in a month for $395,150. This is another example that shows if you have financing, you can get in-and-out fast and maximize your margin. Not everyone is going to see such great margins on their fix and flip projects, but the ability to move fast certainly helps. If you find the perfect fix and flip, you should be calling Veristone.