Flipping For Profits July 2023 Edition
Purchased $67,500; Sold $373,000
Olive Branch Holding & TWB Property Solutions collaborated on this historic flip financed by Spring Valley and we just had to showcase the finished product to show the quality work done by the sellers and offer some pro tips used on this project.
In just 4 months, this home located at 2002 US Rt 50, Stonelick Twp, OH 45103 was transformed into a dream home and sold to the well-deserved tune of $373,000.
Pro tips from the Property Flippers
Mike, principal on this flip, sat down with us to offer his advice:
"Our Advice would be to build detailed tasked based budget and schedule upfront, defining critical path for tight monitoring and oversight. Conduct weekly budget and schedule reviews and be prepared to modify and adjust on the fly.
Additionally, utilizing your network to accurately understand renovation costs, ever changing market conditions, location/demographic targets (prior to acquisition), and target ARV values. Conduct reviews for all completed projects for lessons learned (where you nailed it and/or fell short to plan and why).
Invest (time & $) into yourself, learning every aspect of this business from accredited resources within your network, online, or through local groups within the industry."
Investor Tips from this profitable flip
Location- The residence sits on just over an acre of private land backing up to the Stonelick Hills Golf Course.
When looking for a flip it is important to consider the old real estate adage, "location, location, location". A good location increases the buyer's market, improves appraisal values and is a fixed element to real estate that no interior renovation can enhance.
High end custom finishes- Putting a personalized feature on a flip- like the custom stamped concrete patio for entertaining- goes a long way with buyers looking for that one-of-a-kind dream home.
The flippers paid such attention to detail while marrying luxury materials with the ever-popular farmhouse elements and practicality (my dream!)...
The kitchen & Butler's pantry offer ample cabinet space
Walk in shower with separate tube elegantly provides the versatility that appeals to a wider range of buyer
Black vinyl windows offer a more finished look than typical white vinyl on the contrasting white exterior
The metal roof was just what was needed to finish the exterior look. It was a real value add over singles. Doesn't it just make you want to escape to your happy place and enjoy the lull of the rain gently falling on YOUR very own tin roof?
Professionals Relationships- From start to finish there was a group of trusted professionals adding their knowledge and talents to this team.
Possing industry knowledge required to procure a good off market deal helps limit competition and typically reduces fees associated with real estate transactions.
Establishing a financing relationship helps quickly facilitate deals allowing investors to incentivize sellers with fast closing. Due to the existing relationship Olive Branch & TWB had with Spring Valley, financing for the deal was approved for a quick closing.
Assembling an experienced construction & design crew helps quickly create a quality finished product reducing holding costs and material waste.
Having a trusted licensed real estate agent gets maximum exposure when it comes time to list, helps better negotiate a quick sale and helps navigate the often convoluted sale process. Rashelle Doyle with EXP Realty represented the sellers in this deal with a fast sale & maximized return.
Check out the before video linked below to truly appreciate the craftsmanship & design quality of this flip.
Photo credit of after pictures Visual Appeal Photography
A monthly series showcasing tips from professional property flippers partnering with Spring Valley.