Fix & Flip Deal in New York City

[Kobi Nagar]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $55,000
Cash invested: $100,000
Sale price: $820,000

Fix & Flip in prime marine park in Brooklyn, one family 3bd duplex just off the park. got this deal as REO, since houses in this area are selling as is, we did just minor renovation. (purchase price was 550k)

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

our first REO deal

How did you finance this deal?

Hard money.

Lessons learned? Challenges?

its very hard to get an REO in a decent price in nyc. since the property was occupied, we got this in a discount. we succeed to make a deal with the tenants and got it fixed % sold.