Single-family residence fix & flip investment.
Purchase price: $99,500
Cash invested: $13,853
Sale price: $155,000
Purchased this home from a wholesaler and it was literally sticky from having been smoked in forever. Rehab was quick and sale was immediate. On market 6 days got 7 offers all above list of $146000. No housing for first time buyers makes this type of flip easy. Hope to find more like this.
What made you interested in investing in this type of deal?
Felt it would be a good quick flip and I knew the institutional investors would want it based on rent comps.
How did you find this deal and how did you negotiate it?
Wholesaler that we work with found it.
How did you finance this deal?
How did you add value to the deal?
Cleaned up painted new flooring and got the smell and smoke out.
What was the outcome?
Great return in short time
Lessons learned? Challenges?
Looking for more first time buyer housing to flip. It’s hard to find.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
@Brent Zande What did you do to rid the house of the smoke?
We had to kilz all surfaces twice clean ducts and resurface the tubs and countertops. It was still very faint even after all that I thought but not a single person mentioned this while viewing it so it must have been ok.
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