Single-family residence fix & flip investment in Winston.
Purchase price: $90,000
Cash invested: $40,000
Sale price: $170,000
Took over payments for a relative and spent 2 months fixing it up. I put 40k into it. I sold went under contract less than a week of it being in the market and pocketed 30k after all expenses. It took a month to close. So I NET 30k in 3 months on this deal.
What made you interested in investing in this type of deal?
I thought it was a good ROI for a fix and flip
How did you find this deal and how did you negotiate it?
The home was owned by my cousin and I took over his payments
How did you finance this deal?
I left the home in my cousins name and just took over the payments
How did you add value to the deal?
I put 40k into rehabbing the home
What was the outcome?
I NET 30k after everything was said and done
Lessons learned? Challenges?
Flipping a house can be very challenging but rewarding
Congrats! I'm glad your cousin played fair with you, this could have gone very wrong.
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