Bought it and sold it an hour later
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $75,000
Cash invested: $1
Sale price: $93,000
This was a fixer-upper short sale listed at $125,000. The seller had purchased it for $142,500 three years earlier. I put in an offer for $75,000, which the seller accepted. The short sale was approved. After it was approved, but before I bought it, I told a Realtor and his flipper client about it. The flipper agreed to buy it from me for $93,000 cash. I purchased the house for $75,000 and sold it an hour later for $93,000. The flipper sold it a year later for $195,000.
What made you interested in investing in this type of deal?
Short sales can be great sources for deals if the investor is patient.
How did you find this deal and how did you negotiate it?
I found it on the MLS and made a low, cash offer.
What was the outcome?
I bought it for $75,000 and sold it for $93,000 the same day. I owned the house for about an hour.
