Updated over 7 years ago on .
307 Edith st Edgewater
Investment Info:
Single-family residence fix & flip investment in Edgewater.
Purchase price: $67,500
Cash invested: $21,052
Sale price: $121,000
This deal is meant to show the power of finding a good investment for our investor's money and having the money work for us and our investors.
I started investing in the US back in 2013. After learning by doing a few deals, I decided to go and learn from Robert Shemin, one of the best residential real estate investors. In my opinion, he is the best.
What made you interested in investing in this type of deal?
In the mentorship program, I was told to focus on one type of real estate investment either buy and hold, buy fix n flip or wholesale. This was done in order for me to start doing deals by focusing on 1 type of investment.
How did you find this deal and how did you negotiate it?
I called a local property management company, after making 50 offers on other properties that were turned down.
How did you finance this deal?
my own money and money partners.
How did you add value to the deal?
I rehabbed the property and sold it to an FHA loan home buyer.
What was the outcome?
I was able to make 20% profit on this deal.
Lessons learned? Challenges?
I learned how to work with a contractor from remote, how to inspect the property and make sure the job was done by the contractor. And how to evaluate the deal ARV, rehab cost and what I should offer for the property.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I worked with an agent that helped me submit offers to deals.
And I had 2 contractors making bids on the property so I could compare their bids.