2nd time with a fix and flip.
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $120,000
Cash invested: $15,000
Sale price: $220,000
This investment was purchased back in 2013 we held on to it for 3 months until we found a buyer who was willing to do a real estate contract with 10,000 down and then make monthly payments for 6 months until they were able to refinance it under their own name for the remaining balance. At that point we were able to pay back the hard money lender and then keep the profit.
What made you interested in investing in this type of deal?
I was already looking into fix and flips
How did you find this deal and how did you negotiate it?
Found the deal through a wholesaler.
How did you finance this deal?
Private money lender and we also had 15,000 for repair costs
What was the outcome?
Made a 20,000 profit
Lessons learned? Challenges?
Under budgeted on rehab costs and over priced with listing with the wrong real estate agent.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes mark and Shelia team from Coldwell banker