Third investment I bought in Greenwood IN
Investment Info:
Single-family residence fix & flip investment in Greenwood.
Purchase price: $80,000
Cash invested: $175,000
Sale price: $240,000
Punched property with the intentions of using the BRRRR strategy. Unfortunately the house was 200 years old and had some serious issues. Reno cost's went up and eventually we had to fire our contractor due to the it taking 9 months without finishing. We had it inspected and found out the most of the work was not up to code. so we had to spend an additional $40,000 plus to get it done to code and insure the home was safe to sell. Luckily after we finished the house the market went up about $60,000 in that area and i minimized my loss by selling at $240,000 instead of $180,000. a lot of lessons learned and my next flip i started the day this one closed it took 3 weeks to complete and its going to produce a solid profit.
What made you interested in investing in this type of deal?
distressed house for $80K in a $180K market area. mistake was using a bad contractor
How did you find this deal and how did you negotiate it?
MLS
How did you finance this deal?
private money
How did you add value to the deal?
added 2 bedrooms and full bathroom. also created a better layout and flow of the house.
What was the outcome?
a lot of lesson learned and i improved the team of pros around me so not i can by and fix any home fast and up to code.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
yes my contractor and property manager. Private message me for their contacts