My 3rd flip during Pandemic
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $1,000
Cash invested: $15,000
Sale price: $34,500
Bought this property from Detroit Land Bank Authority. Put the work in to get it cleared then sold it to investor who bought property to hold it.
What made you interested in investing in this type of deal?
Because there was barely any cheap product and I had buyers looking for this type of product.
How did you find this deal and how did you negotiate it?
On DLBA site.
How did you finance this deal?
Cash
How did you add value to the deal?
I improved the structure
What was the outcome?
110% profit
Lessons learned? Challenges?
You can start small in some instances especially in a market like Detroit. No challenges
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am the real estate professional