I learned a lot on my Fist Flip and it was a Winner.
Investment Info:
Small multi-family (2-4 units) fix & flip investment.
Purchase price: $90,000
Cash invested: $120,000
Sale price: $427,500
What made you interested in investing in this type of deal?
This property fit my budget.
How did you find this deal and how did you negotiate it?
I found this property on an online actions and I made a pre-auction offer of $1000.00 over the asking price and it was accepted.
How did you finance this deal?
The property was purchased using my Self Direct IRA and I partnered with my contractor to carry the rehab cost.
How did you add value to the deal?
I did my due diligence and made sure that the finished product was similar to recently sold and currently listed properties.
What was the outcome?
The deal is closed and looking for my next investment.
Lessons learned? Challenges?
This was a tremendous learning endeavor.... there is a lot than can go wrong, be cautious and be prepared both financially and mentally because things can go wrong fast.