Completed FLIP in my own neighborhood

Investor · Hoffman Estates, IL · Member since 2014 · 434 posts · 185 votes

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $140,000
Cash invested: $200,000
Sale price: $277,000

Bought at the sheriff's sale.

How did you finance this deal?

Cash, then did a cash out refi with our hard money lender.

What was the outcome?

Made $$$

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Scot Howat (realtor)
Jeff Howat (home inspector)

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Devin Boyle
Member since 2019 · 5 posts · 6 votes
7y
@Scot Howat Congrats on the successful deal. Question for you...when you say you did a cash out refi with your hard money lender what do you mean by that? I know what a cash out refi is and I know what a hard money lender is. I would normally think that the hard money lender is used in the earlier stages of a project then you'd refi with a long term loan through a more conventional lender?

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Scot Howat
OP
Investor · Hoffman Estates, IL · Member since 2014 · 434 posts · 185 votes
7y
I bought this at the auction, so I had to pay cash for it. Once I had the deed, and recorded it, then I went to my hard money lender and had him cash me out so that I take those funds and try to buy another deal before this one was done.
Make sense?
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DeVante Hill
Financial Advisor · Atlanta, GA · Member since 2015 · 13 posts · 4 votes
7y
good insight scot and great work!
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