"We buy homes CASH" sign payoff!
Investment Info:
Condo fix & flip investment.
Purchase price: $192,400
Cash invested: $14,344
Sale price: $299,500
Seller called my "we buy homes cash" sign - she wanted to get out of her condo, we paid it's worth plus some of her debt and closing costs, let her live there until she closed on her new home. Did a couple of interior upgrades (kitchen and bathrooms) and relisted a few months after closing.
What made you interested in investing in this type of deal?
She wanted a quick out, lots of equity and we were able to help.
How did you find this deal and how did you negotiate it?
Road sign WE BUY HOMES CASH - direct to seller.
How did you finance this deal?
Cash purchase to give the seller speed and refi-ed into a hard money loan during the remodel process so we can have cash on hand.
How did you add value to the deal?
Remodel bathrooms, upgrade kitchen and market exposure.
What was the outcome?
NET PROFIT BEFORE INCOME TAX - $49,747.46
Lessons learned? Challenges?
You have to act FAST. There's always a level of fear when dealing this property type. Without the land transfer, the condo sale can swing in either direct. The market was iffy and the comps were not painting a clear picture on how the property would perform.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
MYSELF! Allison Stanisel - Principal Broker - Oregon and Washington
