Updated 8 months ago on . Most recent reply
Great 1st flip
Investment Info:
Single-family residence fix & flip investment in Park Ridge.
Purchase price: $174,000
Cash invested: $13,000
Sale price: $274,000
This one was definitely the most I've made on a flip. 30k in private money and only about 13k in my own money.
What made you interested in investing in this type of deal?
I knew it would be a great flip with minimal work done.
How did you find this deal and how did you negotiate it?
I got the call to do the lawn care and found out from the owner that his wife inherited the property and it would eventually be for sale.
How did you finance this deal?
30k in private money and a bank loan
How did you add value to the deal?
Remodeled the home
What was the outcome?
About $70k in net profit
Lessons learned? Challenges?
Find all of the contractors needed as soon as possible and have back ups ready
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I listed the home with an agent