Fix and Flip 2/9/2016-4/7/2016
Investment Info:
fix & flip investment.
Purchase price: $135,000
Cash invested: $150,000
Sale price: $210,000
This was my first "Pre-Hab" project. I was first explained the thought process behind this from a colleague I met at a conference in Florida. We basically took a property that was totally un-livable and just cleaned out the inside, and cleared out the debris around the house on the outside. We then re-listed for sale to someone who took the Re-hab all the way, or an end buyer wanting to put in sweat equity and live there. Overall solid quick deal!
Lessons learned? Challenges?
This had to be listed on the MLS since at the time I did not have a good network of cash buyers. Lesson learned was If i had a good list of contacts I would have been able to save 10K in realtor fees, and potentially been able to close quicker.
