Single-family residence fix & flip investment in Brigham City.
Purchase price: $156,000
Cash invested: $66,000
Sale price: $265,000
Purchased this home on seller financing with a 10 year balloon because we had an option to rent it as two units and utilities were seperately metered.
What made you interested in investing in this type of deal?
This property was previously used as a legal duplex and could have easily been converted back. Everything was still seperately metered. This made the deal feasible in the long term and short term. I like the seperate exit strategies.
How did you find this deal and how did you negotiate it?
I used road side signs ("We Buy Houses"). I got the call and visited him that day. I sent him two offers that day as well by email. A cash offer and a seller finance offer. It took him about two weeks but he did call me back after he sorted it out with his soon to be X-wife and he took my seller finance offer without anymore haggling.
How did you finance this deal?
I acquired a money partner that I had met from a local REIA and he brang in $15,000 down for the seller and then we took over his loan. The same partner then financed the rehab costs of $44,000 and other holding costs.
How did you add value to the deal?
Carpet paint kitchens and tile.
Then I marketed the property for sale as both a duplex or a single family with a mother-in-law apartment
I assume you split the profit with the partner? Well done for a no money down deal for you!
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