Updated 6 months ago on . Most recent reply
First Investment Project
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $17,500
Cash invested: $1,750
In the beginning stages of a full renovation project on this 2000sqft colonial. This is me and my wife and first investment property. We're still seeking funding. Our team is in place with hope to start renovations mid May with a six month completion window. We've gathered estimates and have developed a budget that should yield ARV $150,000
What made you interested in investing in this type of deal?
The market is one we are very familiar with as local residents of the City of Detroit. We've watch the area real estate market continue to improve and this property's lower purchase price along with the areas resale value allows a potential $30k profits ARV also it positions us to purchase vacant land from the city at a reduced price within 500 feet from our property.
How did you find this deal and how did you negotiate it?
It was purchased through DLB Detroit Land Bank auction
How did you finance this deal?
Still seeking financing for the deal
How did you add value to the deal?
Our doing the leg work, due diligence along with the relationships with experienced contractors, real estate agents and other experienced investors.
What was the outcome?
TBD
Lessons learned? Challenges?
Still to come
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I look forward to highlighting our partners. Hopefully they are out here in the BP community reading this post.