Investment Info:

Single-family residence fix & flip investment.

Purchase price: $300,000
Cash invested: $10,000
Sale price: $453,000

Wholesale deal on a 3 bed 1 bath with detached garage in great SE Portland location

What made you interested in investing in this type of deal?

Home was in fairly good shape and had some significant upgrades (windows, solar panels, and roof). Home just needed some serious e updating and clean up

How did you find this deal and how did you negotiate it?

wholesale dealer in the Portland metro area

How did you finance this deal?

I used $50k from a private money lender at a flat 8% rate (so paid them $4,000) on the money with no points and no payments through project. I used their money for the down payment, fees with the hard money loan and about $10k in renovations. I then took a hard money loan out for the purchase and renovations.

How did you add value to the deal?

We completely updated the home. New kitchen, bathroom, paint in and out, re did the hard wood floors, landscaping overhaul.

What was the outcome?

took about 2 months to renovate and sold the first weekend for over asking (which was more than we anticipated listing for) and for cash through flyhomes (google them if your buying a home, they turn your offer into a cash deal...interesting and quick)

Lessons learned? Challenges?

Pad your numbers. we went about 20k over budget but listed for $25k more than expected soooo it worked out but we rolled the dice. Also, depending on area sewer scope prior to purchase. We ended up having to replace the line which we had not budgeted for and could have negotiated at the beginning.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Lending home was the hard money lender and I was the real estate agent through John L Scott Portland...