Updated almost 6 years ago on . Most recent reply
Owner Finance Condo Flip
Investment Info:
Other fix & flip investment in Vernon.
Purchase price: $140,000
Sale price: $205,000
This was a condo fix and flip located in Vernon BC CANADA. It was owner financed on every aspect.
It took way to Long but I learned through out it to.
This was a 2bed 2bath unit on the 4th floor
What made you interested in investing in this type of deal?
Stefan Aarnio's material originally spiked my interest in Flips . His book "Self Made" and "Money People Deal" are excellent books for beginners
How did you find this deal and how did you negotiate it?
I originally contacted this owner from another ad he had in Kelowna BC told him what I did in construction ETC then he called me back about this place after Tennants had destroyed it.
How did you finance this deal?
Owner Financed. He wanted 140,000 minimum outta the Deal then we would Split any profits after Renos
How did you add value to the deal?
I brought my construction experience and originally tried buying it for under 130,00 but since I needed investors it was cheaper financing through him
What was the outcome?
Ran out longer than expected but Profit was 10k to me and 10k extra to the Owner with some hourly profits on top of that
Sold for 205,000 the most a unit like that in that particular building had sold for
Lessons learned? Challenges?
DONT do the work yourself if you can avoid it, As an investor you are more valuable looking for the next deal and networking if time is low.
Contracting is a 50-100 dollar an hour Job
Networking and searching for deals and negotiating is worth $500 plus an hour
I don't regret the work and its challenges though
Owner Financing is always the cheapest
Know your Reno numbers in and out
Dont live in the Reno, this is not Ideal lol
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Dace in Vernon with Okiefe 3% she was very helpful
