Updated over 6 years ago on .
Single-family residence fix & flip investment in Amissville
Investment Info:
Single-family residence fix & flip investment in Amissville.
Purchase price: $172,000
Cash invested: $60,000
Sale price: $330,000
Second fix n flip
How did you find this deal and how did you negotiate it?
This deal came from a local Uber driver. He picked up my contractor after a night out and was explaining he needed to sell his home quickly and it needed a renovation. When I contacted the owner he originally wanted $190k, We went under contract at $180k with a short study period. During the study period we found some underlying issues and were able to knock another $8k off the price.
How did you finance this deal?
Hard Money Lender
What was the outcome?
7 days on market and $60k net profit.
Lessons learned? Challenges?
The renovation here took much longer than expected. My main contractor was going right into high season and was a bit unresponsive. I was not checking progress as much as I should have and the timeline stretched out, increasing the carrying costs.
