Other fix & flip investment.
Purchase price: $124,000
Cash invested: $12,400
Sale price: $155,000
Interesting property: Was a growing trend in south east; SHOUSE, or Shop House. Was a 40x80 metal structure with concrete foundation and driveway. Roughly 1300 sq ft of living and rest was a heated shop. I used as a house but previous owners where in distress, and owner before them was a upholstery guy (original owner and builder). I added appliances, painted, few minor fixes. Sold in just over 6 months. was a great learning experience and got me hooked on REI.
What made you interested in investing in this type of deal?
I had been renting from a college friend who lived locally. got tired of the roommate lifestyle.
How did you find this deal and how did you negotiate it?
Was off market. explained to my realtor what i was looking for house/shop/ budget wise and she found it.
How did you finance this deal?
How did you add value to the deal?
minor repairs, hot market
What was the outcome?
Made a little profit. enough to realize i wanted to be in REI and soon after bought 2 more properties.
Lessons learned? Challenges?
still looking for better financing instead of traditional. I have high credit and know banks wont continue to finance me.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
agent wasnt the best. Wells Fargo did an excellent job and ended us using them again.
How many properties did you analyze before you found this deal?
Also, how much research on REI in general did you do before you felt confident enough to take the plunge?
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