Updated over 7 years ago on .
Home for Housekeeper
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $53,000
Cash invested: $53,000
Purchased a single family Residence on a foreclosure sale. We fixed is up quickly and sold it for no profit to one of our housekeepers (who works at our hotel) who did not have a safe house to live in. She was able to spend the same as she did renting and now owns her own home. As of 12/2018 she now has over 60,000 in equity.
What made you interested in investing in this type of deal?
My Maintenance man and I went to her trailer house to look at why her front door wouldn't close or lock. When we got there the entire wall was disconnected from the base plate. I decided I would rather buy a house and sell it to her than fix the door.
How did you finance this deal?
Cash
What was the outcome?
She is on a C/D. Long term.