Panama City fix and Flip , the cove!

[Joey Sostheim]

Investment Info:

Single-family residence fix & flip investment in Panama City.

Purchase price: $60,000
Cash invested: $120,000

Nice single family home in the Cove neighborhood with an ARV of $400k

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

I live in this neighborhood and saw massive potential

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

I tracked down the owner through mutual friends in FB

How did you finance this deal?

We partnered with friends and obtained financing through a hard money lender

How did you add value to the deal?

We have completely gutted the property and are in the process of a full reno

What was the outcome?

TBD however the ARV comps out at $400k plus and our total investment should be around $200k! You do the math😉

Lessons learned? Challenges?

This is our first deal with an equity partner. So far so good, our timeline is behind about two months, mostly due to the back ordered black framed windows. Luckily my personal timeline expectations are pretty spot on. I add 25% to whatever the contractor tells me for a timeline

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

No this was an off market deal