Single-family residence fix & flip investment in Baltimore.
Purchase price: $61,000
Cash invested: $53,000
End of row 3/1.5 townhouse in the upcoming Waverly neighborhood in Baltimore.
What made you interested in investing in this type of deal?
I'd been wanting to get into investing for sometime and this deal kind of fell into mine and my partner's lap. The neighborhood is coming up and I'm excited to get to help shape it not to mention the numbers were right ;)
How did you find this deal and how did you negotiate it?
An old friend of my partner's who is an incredibly successful agent posted it on facebook. The timing was perfect and because of our friends relationship with the seller we were able to negotiate the price.
How did you finance this deal?
Cash. Then refi-ed out.
How did you add value to the deal?
We're adding a half bath, installing energy star appliances to help save on utility costs and giving it those little touches that really create an emotional connection with the property.
What was the outcome?
Will let you know...
Lessons learned? Challenges?
This is our first flip so we're continually learning lessons each day. Some things we've dealt with are negotiating with sellers and lenders on price and rates, staying organized and having all the appropriate documents, dealing with contractors and making sure you have a system in place so that you don't get screwed, managing timelines, set backs, and people in general...the list goes on, but it's very exciting and I can't wait to do more and keep educating myself in this industry!
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