Updated almost 6 years ago on . Most recent reply
6137 Gladstone Street
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $55,000
Cash invested: $65,000
Sale price: $145,500
Not a huge house, two really bad foundation walls
What made you interested in investing in this type of deal?
I saw it in the MLS and the realtor literally said any and all offers will be considered.
How did you find this deal and how did you negotiate it?
Found it in the MLS and negotiated direct with the agent. Listed at $105k, offered $50k, they countered at $70k and I drew the line at $55k. They accepted.
How did you finance this deal?
Construction loan from local lender
How did you add value to the deal?
Fixed the foundation walls, new kitchen, new exterior, tried to keep cost down so it would appeal to first time buyer.
What was the outcome?
Sold in the first weekend
Lessons learned? Challenges?
Didn’t anticipate appliances in kitchen, Furnace and AC being bad, the yard being tore up after so much construction.