Major Flip in Madera California
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $275,000
Cash invested: $8,000
Sale price: $375,000
Bought this home on a REO foreclosure auction on Xome.com. The home was occupied by the previous owners, but they were very cooperative and left within a week of me closing on the house. I made around $80,000 after all closing costs and cash invested.
What made you interested in investing in this type of deal?
I am constantly looking for flip deals to secure quick capital for my long-hold projects.
How did you find this deal and how did you negotiate it?
I found the deal on Xome.com and I won the auction.
How did you finance this deal?
I bought this house using funds from my HELOC on my primary residence.
How did you add value to the deal?
Added landscaping, modernized the kitchen and flooring, and cleaned up pet odors
What was the outcome?
Sold the home for $375,000 very quickly.
Lessons learned? Challenges?
Moving quickly allows for more deals to present themselves and be closed on.
