Single-family residence fix & flip investment in Waldoboro.
Purchase price: $52,500
Cash invested: $27,500
Sale price: $139,000
SOLD!!! After 53 weeks it's finally done and sold! It was awesome to pay back my friend his $27,500 plus three thousand in interest and the original owner his money plus interest.
Our most recent investment is this fix and flip. It comes from a family member that is retiring which also sold us other properties.
We’ll have $27,500 into it, a private investor will match that and the seller is financing $22,500 with 4% interest all due when the house sells.
UPDATE: The house is all done and on the market for $149,000
What made you interested in investing in this type of deal?
A good deal was presented to me by my god-father who I've bought property from in the past
How did you finance this deal?
Half from a friend and half seller financing. The repair money came from a career starter loan at 2.99%
How did you add value to the deal?
I put $30,000 in the rehab and added about $80,000 in value. I did this thanks to my father doing 90% of the work at the father discount rate ;)
What was the outcome?
We finally sold for $139k!
Lessons learned? Challenges?
We should have set up an S-Corp first and we will do that for future flips.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Jessica Poole from Remax helped us at every step of the way
Congratulations on completing your first flip.
Sounds like you've already got things in motion for the next one. Things only get easier with experience.
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