Townhouse fix & flip investment in Elgin.
Purchase price: $94,000
Cash invested: $20,000
Sale price: $154,000
Fix and flip this was our very first unit! It took us a bit longer then expected but we were still able to turn out a 20k profit on it.
What made you interested in investing in this type of deal?
Always interested in real estate investing and finally found a partner to go in on it with.
How did you find this deal and how did you negotiate it?
I am an agent so I found the deal on the MLS. It was an REO at the time.
How did you finance this deal?
We used a hard money loan to finance the deal.
How did you add value to the deal?
I am the one who had the initial plan and found the deal. I am also the one who followed up with all of the contractors.
What was the outcome?
We ended up making 20k profit on the property!
Lessons learned? Challenges?
Time is money especially when using a hard money lender. Also once you pull out the draw for the repairs your initial loan amount goes up as you technically have now borrowed more money.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I was the agent on this one :).
@Nicholas Salinas congratulations on this investment!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you