Single-family residence fix & flip investment in Fort Myers.
Purchase price: $40,000
Cash invested: $12,000
Sale price: $90,000
The little house of horrors was bought from a man that was being deported and wanted to sell. Unfortunately, the market was really not in his favor. We, (My father and I) sat and listened to his story. The house was listed at 25k but due to our background and travel history, we decided to give him a little more.
What made you interested in investing in this type of deal?
It was just so cheap, we couldn't refuse.
How did you find this deal and how did you negotiate it?
It was on the mls
How did you finance this deal?
How did you add value to the deal?
The value was not only in monetary form for me.
My father is an architect, electrician, carpenter, plumber and knows pretty much everything in regards to construction. This was my time to learn.
Lessons learned? Challenges?
The whole remodel took 3 months. We ripped out and completely redid the kitchen, bathrooms and living room. We added an extra bedroom, replaced the big wooden beams of the carport which were rotten and he also taught me how to do the AC/Duct system in a house with no attic and boy, IT WAS ONE HOT SUMMER!
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