First Fix & Flip: Off-market and needs alot of love

[Armani Colon]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $100,000
Cash invested: $50,000

Off-market Fix and Flip in Pocono's, PA.
Purchase Price: $100,000
Est Reno Costs: $50,000
Est ARV: $290,000

My partner and I found a beautiful but outdated Chalet with great bones. It will need a full-gut rehab. It is currently a 2/1, we plan to convert to a 3/1. Hasn't been updated since early 2000's. Primary strategy is to fix and flip with a back up plans being LTR or STR given that it's located in an STR Friendly HOA with low fees.

What made you interested in investing in this type of deal?

Initially we had intended on starting our real estate journey through multi-family house hacking, but this opportunity popped up first and it was hard to ignore. After touring the property and running the numbers, we decided we could not pass on it. It's a beautiful Chalet located in a good neighborhood. Comps in our market support the interest for this type of home. Naturally we are a bit nervous, but we have solid exit strategies in place which helps to reassure our confidence!

How did you find this deal and how did you negotiate it?

Privately sourced and negotiated.

How did you finance this deal?

FHA + Seller Financing.

What was the outcome?

In-progress - will update throughout the process!