Los Angeles · Member since 2020 · 14 posts · 1 vote
Investment Info:
Other fix & flip investment in Las Vegas.
Purchase price: $89,000 Cash invested: $132,000
The first fix and hold property I bought without any knowledge in real estate investing.
A condo in a C+ area.
Bought from a wholesaler (introduced by a family friend) at below market price.
Listed purchase price $89,000. Final price + closing cost $116,000
Rehabbed cost $16,000
The unit is still vacant
So far, it's been a mess. I haven't done re-analyze this deal yet. Will keep you guys updated.
Real Estate Agent · Las Vegas, NV · Member since 2017 · 279 posts · 133 votes
6y
Yeah, this definitely doesn't seem right from the few details that we have before us. Did you use an agent or were you self represented? If you didn't use an agent, I recommend that you do in the future. If not for the whole transaction at least to look over the contracts and give you an idea if something doesn't look right.
Real Estate Agent · Las Vegas, NV · Member since 2017 · 279 posts · 133 votes
6y
Good morning! I am in suspense waiting for your response. Please let us know why you feel this has become a mess, the number of beds/baths, how much the HOA fee is, and where the $27,000 of closing costs came from. We may be able to turn this mess into a gem but will need more information.
Good morning! I am in suspense waiting for your response. Please let us know why you feel this has become a mess, the number of beds/baths, how much the HOA fee is, and where the $27,000 of closing costs came from. We may be able to turn this mess into a gem but will need more information.
Hi, I am sorry that I didn't check the reply in this post on time.
The property went through 2 LLC's hands, each added $10,000, hence $20,000 extra was added.
The property is 2/2, and the rent is $1,200. HOA $188 (sewer, water, garbage included)
Los Angeles · Member since 2020 · 14 posts · 1 vote
6y
Originally posted by @Account Closed:
Why a mess ?
It's a mess because I didn't know what I was doing. For example, I didn't know that $20,000 was paid to wholesaler after I learned so much from BiggerPockets.
At the end of the day, as a BRRR deal, it barely cashflows. With so much cash put in, after the refinance, I would still leave $20+k in the deal and won't get any cash flow
Real Estate Agent · Las Vegas, NV · Member since 2017 · 279 posts · 133 votes
6y
Yeah, this definitely doesn't seem right from the few details that we have before us. Did you use an agent or were you self represented? If you didn't use an agent, I recommend that you do in the future. If not for the whole transaction at least to look over the contracts and give you an idea if something doesn't look right.