Small multi-family (2-4 units) fix & flip investment in Prospect Park.
Purchase price: $267,000
Cash invested: $100,000
Sale price: $525,000
Bought an old 2 family home and renovated and sold it with in 10 months.
What made you interested in investing in this type of deal?
It had a couple of exit strategies and was very affordable.
How did you find this deal and how did you negotiate it?
Direct mail marketing.
Made an as-is offer to the seller with a quick closing since seller needed money quickly.
How did you finance this deal?
Hardmoney loan, private loan (other people money) and our HELOC.
How did you add value to the deal?
We renovated the interior of the property completely with new mechanicals, we also added a full bathroom and increased living square footage by finishing space in the attic.
What was the outcome?
We had multiple offers and and sold the home within 10 months.
Lessons learned? Challenges?
under appraised values by the HML because of lack of comparables.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Our Hard money lender. They trusted us and still lend us the money during the beginning of the pandemic. Very reliable resource.
This is awesome @Andres Ospina Congratulations and thanks for sharing!
thanks for sharing, and congratulations!
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