First Fix and Flip Completed in less than 2 months
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $82,000
Cash invested: $40,000
Sale price: $180,000
Off market deal acquired from a wholesaler. Put in all new floors, new kitchen, appliances, hot water heater, bathroom full remodel and 6 new windows along with cosmetic upgrades.
The house was full of collectibles and had been vacant for nearly 12 years, the sale of those items paid for the holding costs of the property including utilities and insurance. Turned it over in 45 days.
What made you interested in investing in this type of deal?
I am playing defense in this high interest rate environment. I am focused on deals with little downside risk in markets/demographics that are not as interest rate sensitive. Given that this is in a 55+ community with low turnover (roughly 1 new listing every 2 to 3 months) there is strong demand with low downside risk as most buyers are cash and there is a wait list to enter this community.
How did you find this deal and how did you negotiate it?
I found the deal by working with a wholesaler.
How did you finance this deal?
Cash
How did you add value to the deal?
I did a majority of the work myself.
What was the outcome?
House has multiple offers
Lessons learned? Challenges?
Line up everyone prior to close, it allows for a quicker turn around time. I had measurements and contractors in before I even was close to closing.