Fix and Flip - Great Neighborhood- Park Hills.
Investment Info:
Single-family residence fix & flip investment.
Foreclosed home that has 3 bedrooms and 2 bath. Installing new cabinets, vanities, and plan to move walls to open up the living space and add additional bathroom. Plans for new flooring, drywall and paint. Lots of room for additional bedroom and enhancements. Comps in the area are selling at a level that ensures a solid profit once completed.
What made you interested in investing in this type of deal?
I like the foreclosures and feel good about making a neglected property liveable again and allow it to be someones dream home again.
How did you find this deal and how did you negotiate it?
I have been trying to buy on Auction,com for several months and new hit the number that would get it. When it went on the MLS, I contacted my real estate agent and he kept making offers to the bank that took possession until they finally gave in to what I can afford to pay.
How did you finance this deal?
The Fix and flip calculator helped wonders on what I can offer and still make a solid profit with a short turnaround. The property was such a great deal and so much equity, that I have no money in the deal.
How did you add value to the deal?
I have a good team of friends that are specialist in different area (drywall finishers, cabinet builders, and electrician) That are always interested in helping out for a piece of the deal and fun of working together.
Lessons learned? Challenges?
Challenge: This is going to be a slow closing because it is a HUD house that has been repossessed by the lender. More details and documents between the agent and the lender. I may have to wait up to 45 days to close.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes a real estate agent that has been finding deals for me and has sold houses in the past for me. I have used this Savings and Loan in the past and have a checking account there so they are always interested in keeping my business. They seem to get interested in my deals and since they see my deposits, they probably know that I am a solid risk.
