South Tampa flip! - sold in less than 24 hours!
Investment Info:
Single-family residence fix & flip investment in Tampa.
Purchase price: $230,000
Cash invested: $95,000
Sale price: $510,000
We found this deal on the MLS.
What made you interested in investing in this type of deal?
Largely residential, South Tampa is known for high end shopping and great schools. The active MacDill Air Force Base offers lots of employment. Green spaces include Ballast Point Park, with a pier into Hillsborough Bay and a play area, and canine-friendly Picnic Island Beach Dog Park, popular for picnics and ball games, overlooking Old Tampa Bay.
How did you find this deal and how did you negotiate it?
We found it on the MLS and we actually we the backup offer. I built a good relationship with the listing agent. As soon as the 1st buyer backed out, the listing agent called me and we quickly locked it up.
How did you finance this deal?
A hard money loan with 80% LTV.
How did you add value to the deal?
Full cosmetic renovation with open concept kitchen. All mechanicals were replaced except for roof.
What was the outcome?
We sold to an out of state buyer for cash in less than 24 hours.
