$90k in a year by flipping a forclosure!
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $130,000
Cash invested: $11,000
Sale price: $235,000
We found a $130k foreclosure that just needed some cosmetic repairs like paint, windows, flooring, countertops, small odds and ends. We were going to rent but since the market was so good we decided to sell.
What made you interested in investing in this type of deal?
Listening to Bigger Pockets & trying to collect houses.
How did you find this deal and how did you negotiate it?
We found it on the MLS after a few weeks of searching. First I offered $115k, but the bank was taking highest and best offer. I didn't want to go over $130k, so I stuck to that and they accepted.
How did you finance this deal?
FHA loan
Lessons learned? Challenges?
We've learned that we won't be doing LVT flooring by ourselves anymore! We're handy but not THAT handy haha
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, after selling this house I decided to become an agent!