Single-family residence fix & flip investment in Naples.
Purchase price: $86,000
Cash invested: $15,000
Sale price: $155,000
This is an example of a condo we flipped in Naples, FL. We did multiple fix and flips in SW and South Florida from 2001 to 2010. We also had a vacation rental in the Florida Keys from 2003-2010.
What made you interested in investing in this type of deal?
We owned condos, a town home and sfh in Florida. I looked for the deal, not the type of property.
How did you find this deal and how did you negotiate it?
We found most of our properties through MLS during those years.
How did you finance this deal?
Most were traditional finance but a couple were private money.
How did you add value to the deal?
Each property was different.
What was the outcome?
Made money until the recession in 2008.
Lessons learned? Challenges?
Do not over-leaverage.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I always list homes for sale with Realtors. There have been multiple deals that would not have closed without an experienced agent.
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