Updated about 3 years ago on . Most recent reply
Market shift Fix and Flip
Investment Info:
Townhouse fix & flip investment.
Purchase price: $270,000
Cash invested: $62,000
Sale price: $380,000
I Purchased this property at the peak of the market where everything was over priced and houses were moving fast , by the time I got done rehabbing this property buyers were watching the fed and interest rates so this flip was sitting for 2 plus months until I found a buyer. This was an experience for me because I started my Real Estate Investment buying and flipping houses within 1 month from close to rehab so to have a house sitting on and holding cost for the house was a pain for me.
What made you interested in investing in this type of deal?
I was interested in this deal because it was in the same community I live and have recently sold my primary home and got it for way below market.
How did you find this deal and how did you negotiate it?
I found this deal by watching it when it was one the mls and waited until It fell off the mls . I know it would fail on mls because it was a mess and they were trying to get close to market , so I pounced at the right time and got it in the bag.
How did you finance this deal?
this deal I financed with 20% of my own cash and private money for the remaining 80% LTV
How did you add value to the deal?
complete renovation , kitchen , flooring , bathrooms , landscaping , painting and a luxurious accent wall and accessories throughout the house
What was the outcome?
got it under contract for sale
Lessons learned? Challenges?
my lesson learned was getting out of my comfort zone and cope with change quickly
