Single-family residence fix & flip investment in Rock Springs.
Purchase price: $53,000
Cash invested: $31,500
Almost to the end of my first flip
What made you interested in investing in this type of deal?
I needed to fund my buy and hold properties.
How did you find this deal and how did you negotiate it?
This was a forclosure. I lost the bid the first time around but the financing fell through for the winner. It came around again and I finally was the higher bidder for 53000
How did you finance this deal?
I put 31,500 of my own money in it then i had a partner who put in 21,500
How did you add value to the deal?
We tore everything out and have completely remodeled the house
What was the outcome?
We are still working on finishing it. Counter tops go in this week
Lessons learned? Challenges?
Dont partner with family. Make sure you plan better so you dont end up doing things twice.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Sonya Riskus with brokerage southwest
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