This was our 9th fix and flip
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $1,100,000
Cash invested: $400,000
Sale price: $2,200,000
High-end property rehab with 4 individual units. This property had a main house, a pool house, an apartment over the 3-car garage, plus a 1,200 SF guest home.
What made you interested in investing in this type of deal?
This was a high-end property that needed a lot of structural work
How did you find this deal and how did you negotiate it?
I had a partner who found this deal
How did you finance this deal?
Hard money
How did you add value to the deal?
I had the right contractors to handle this type of work
What was the outcome?
The home turned out beautiful
Lessons learned? Challenges?
This project took us WAY too long to complete. We had challenges getting the tenants to vacate, we had material supply delays during the pandemic, and I was juggling several other projects at the same time. The lender made the most money on this deal as they had a $30,000 fee clause in the agreement for going over our timeframe on the rehab.
