Updated almost 4 years ago on .
Our First Fix and Flip: Scared to profitable!
Investment Info:
Condo fix & flip investment in Shaker Heights.
Purchase price: $20,000
Cash invested: $74,000
Sale price: $131,500
This was our first flip. Was very interesting to have our first flip be a condo. Was intimidating, but we pulled it off and made a nice profit!
What made you interested in investing in this type of deal?
Wanted to generate more cash for buy and hold purchasing.
How did you find this deal and how did you negotiate it?
Found on the MLS and decided it was worth asking at $20k.
How did you finance this deal?
Cash
How did you add value to the deal?
Full rehab
What was the outcome?
roughly $30k profit
Lessons learned? Challenges?
Don't let fear stop you from moving forward. Even though we felt this condo was a steal at $20k, the monthly HOA was $1,530 a month and I almost didn't pull the trigger but am so glad I didn't let fear stop me and I was able to easily sell for a very nice profit!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am a real estate agent so I found, purchased and rehabbed the property. I recommend me to find you great investment deals. :)