My fifth flip back in 2013.
Investment Info:
Single-family residence fix & flip investment in Minneapolis.
Purchase price: $107,500
Cash invested: $40,000
Sale price: $175,000
My fifth flip back in 2013.
What made you interested in investing in this type of deal?
I was ready for another project, and the exterior of this house didn't need much. The interior was pretty bad. It will forever be known as, "The Cat Pee House".
How did you find this deal and how did you negotiate it?
Found through the MLS and negotiated by myself as I am a licensed broker.
How did you finance this deal?
100% of my own cash.
How did you add value to the deal?
Full remodel, new kitchen, baths, flooring, etc. No big changes on this one.
What was the outcome?
Decent. Would have been better if it didn't border a less desirable area and it affected the appraisal.
Lessons learned? Challenges?
One of my laborers who had been working with me and doing much of the grunt work decided half way through the project that he wanted more money. I didn't have any other options at the time than to pay so he would complete the work. Needless to say, that is the last he worked for me.
