New Construction Flip
Investment Info:
Single-family residence private money loan investment.
Purchase price: $335,000
Cash invested: $75,000
Sale price: $415,000
This was a new construction. In an area that was still climbing in value. I purchased the home from the builder and sold it 37 days later for a great profit
What made you interested in investing in this type of deal?
I saw an opportunity to make some money on an area that was still climbing in value.
How did you find this deal and how did you negotiate it?
I know the builder and the area.
How did you finance this deal?
I put in 75K of my own money and then used a friend for a hard money loan at 6% and no points.
How did you add value to the deal?
I picked out all the colors and lot where the new construction would be built.
What was the outcome?
I made about 75K in 37 days. I bought the property and sold it 37 days later for a profit.
Lessons learned? Challenges?
The lesson learned was to always keep an eye out for good deals and don't be afraid to act.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I was the listing agent and the selling agent on this deal.
