Updated about 6 years ago on . Most recent reply
MY First Fix and Flip in NY
Investment Info:
Small multi-family (2-4 units) fix & flip investment in Mount Vernon.
Purchase price: $118,000
Cash invested: $56,000
Sale price: $335,000
That was my first project. Two family home with basement, spent 80,000 on renovation.
What made you interested in investing in this type of deal?
There was a nice spread and I wanted to get into my first deal.
How did you find this deal and how did you negotiate it?
I had a relationship with a appraiser that knew about the deal and told me about it.
How did you finance this deal?
Hard money and with partners
How did you add value to the deal?
complete upgrade of the house
What was the outcome?
The deal worked out well. I was able to pay off hard money and myself and my partners saw a profit.
Lessons learned? Challenges?
Pulling proper permits are very important and also understanding the rules and regulations of the township. We also learn that it's a good idea to use local electricians and Plummer's who knows the township and understand the rules. We made a mistake and had the contractor do some plumbing for and had to get a lot of the work corrected.