A 50k Detroit home Fix & Flip!

[Alex Corrales]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $50,000
Cash invested: $65,000
Sale price: $219,000

Fix and Flip! Before & After

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

Detroit will make or break you when you try to invest. We identified the problem areas, built a great team, and developed a system to win the Detroit real estate game—and we never looked back. In the competitive world of real estate investing, finding tough markets with great upside gives you an instant edge over the competition. We love this market!

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

This was a bank auction.

How did you finance this deal?

Private Money.

How did you add value to the deal?

Full renovation and added some unique accents and finishes.

What was the outcome?

The outcome was great! A few deals fell through because of varies reasons, but ultimately we had tons of action on the houses and eventually found the perfect buyer.

Lessons learned? Challenges?

We put a lot into this house, expecting to see the upside at the end. However, the higher purchase price made it harder to find a buyer in that neighborhood, as they had trouble qualifying for the larger loan amount. While the return is still there, we ended up holding this property longer than we had planned.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

All our team is in-house start to finish!

[Drew Sygit]

Keep posting so others can see the opportunities in Detroit!