Updated over 4 years ago on . Most recent reply
Fix & Flip - Panama City Beach, Fl.
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $410,000
Cash invested: $65,000
Great deal in a dual property purchase. Flipping it. Planned to hold as STR. On water with boat lift and jet ski slips in fantastic location in Panama City Beach, Fl.
What made you interested in investing in this type of deal?
The price & location.
How did you find this deal and how did you negotiate it?
Aging MLS inventory, seller motivated by capital gains tax trigger.
How did you finance this deal?
Lender failed me at the last minute so I JV'd the deal with a local investor.
How did you add value to the deal?
Cleaning up the property, landscaping, staging, and some minor repairs.
What was the outcome?
TBD! It's going back on market this week!
Lessons learned? Challenges?
Get the right lender! Since my primary home sale was delayed, I wasn't able to hold this one as a STR as planned. That's the lovely thing about real estate though - many options!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am the agent. I can tell you which lender not to use! lol If I had used @andrewkilbin @lendingdeck it would have closed no problem!
