12094 SW 103rd CT, Miami FL 33176
Investment Info:
Single-family residence fix & flip investment in Miami.
Purchase price: $514,500
Cash invested: $135,000
Sale price: $760,000
My first fix n flip in Miami, FL. The property is also located very close to my home, which is generally what I prefer when pursuing new projects.
What made you interested in investing in this type of deal?
Property had character, beautiful woodwork, custom doors, high vaulted ceiling, nice big yard with Tiki hut and outdoor grill. Lots more...
How did you find this deal and how did you negotiate it?
Auction website - Xome.com
How did you finance this deal?
78% self directed 401K (tax sheltered) + 22% HELOC (personal funds)
How did you add value to the deal?
Daily on site supervision, shopping quotes for best prices, evaluating construction talent and building my new team around me which included a combination of skilled and unskilled labor.
What was the outcome?
Great outcome. House sold very fast, but then we experienced some delays due to a CU report that resulted in violations to be placed on the property after I bought the house. Violations took some time to cure and given work required to cure the violations, I was able to negotiate that the new buyer provide a buyer credit in order to help pay to cure some of the violations. The buyer also benefited because they were able to add a new tile roof for 1/2 cost. Working together, best result!
Lessons learned? Challenges?
Always get the bank to do the CU report at least 10 days before you close. There is an oridinance that requires the CU report to be issued BEFORE the property is offerred for sale by the bank, but the banks do not follow the ordinance and instead risk the $10K penalty by not complying with this law that is supposed to protect the buyer of a foreclosed home.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I was the agent and owner. I sold the house within weeks of listing it and on the very first open house that I conducted. I get the job done and prefer to list my own houses to help ensure the property is presented in the best possible light and moves quickly.
