Updated about 4 years ago on . Most recent reply
Accidental Flip only made possible by COVID 19
Investment Info:
Single-family residence fix & flip investment in Peru.
Purchase price: $65,769
Cash invested: $10,000
Sale price: $150,000
Accidental flip, primary residence that we never intended to sell. COVID made it more expensive to renovate into the house we wanted vs buy a new one that was already renovated. SFR market jumped plus buying under value created a better oppertunity to sell and buy a Large Duplex with a small apartment above the garage.
What made you interested in investing in this type of deal?
Wife wanted a SFR instead of house hacking anymore.
How did you find this deal and how did you negotiate it?
MLS from flipper purchased "as-is"
How did you finance this deal?
Conventional loan 5% down
How did you add value to the deal?
purchased below value
What was the outcome?
$80k profit
Lessons learned? Challenges?
underestimated rehab costs turned primary residence into flip. Challenges? COVID -19 effects on construction costs.