Baltimore, MD Renovation: Fix and Flip

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Address: Baltimore, MD

Borrower Profile: Husband and wife team, part-time fix and flip investors.

Work Description: Renovation of single family detached home in urban stable neighborhood.

Purchase Price: $79,000

Renovation Budget: $65,000

Loan Amount: $127,000

Cash Available for Purchase: $56,000

Cash Available for Renovation: $71,000

Loan Structure: 12 Months Interest Only

Loan Purpose: Property Purchase & Rehabilitation

ARV: $196,000

Sale Price: $227,000

Time To Pay Off: 8 Months

Front – After

Front – After

Situation:

The borrowers found ABL through a Bigger Pockets meet-up. Structurally, the house was sound; there was no need for framing and there were no plumbing issues. They did have to replace the roof, gutters, and siding, as well as repair the porch and sand and stain the deck. Additionally, they had to install brand new windows, lights, doors, hardwood floors on the first floor, and ceramic tiles in the kitchen and bathrooms during the home renovation in Maryland.

Outcome:

The borrowers modernized the space and used a cool, blue-grey color scheme that showed the open floor plan to its best advantage. After 91 days on the market, the property sold for $227,000 – $33,000 more than expected.