Large project, hopefully large profit.
Investment Info:
Single-family residence fix & flip investment in Pensacola.
Purchase price: $20,000
Cash invested: $15,000
This is a large project. We are planning on spending 20k on the exterior alone. We had a small forest growing in the backyard along with tons of garbage. We have since cleared the land and plan on putting a deck on the back of the house. We will have tons of images as the project goes along.
What made you interested in investing in this type of deal?
We have been looking for quite some time. I was personally looking more toward the rental side, but the profit margin on this can be quite large, so we decided to go for it.
How did you find this deal and how did you negotiate it?
We found a seller looking to just get rid of the property and he set a price he wanted to walk away from it. It worked out well.
How did you finance this deal?
Cash
How did you add value to the deal?
We will end up putting in about 50k to revitalize the house and the lot around it.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My partner and I are both active realtors. I own a team of realtors which my partner is part of. We absolutely recommend ourselves if we can.